A WINTER OF DISCONTENT? by Tom Smith
Partner, Brabners
The government’s strategy for keeping businesses out of insolvency appears to have worked in the short term but be aware of the months ahead.
take steps to safeguard businesses and avoid a slew of companies being placed into insolvency processes during the harsh early
As well as the availability of the furlough scheme and the business interruption loans, the introduction of the Corporate Insolvency and Governance Act in late June gave struggling to pay their debts and a suspension of liability for wrongful trading for directors, although that
the presentation of winding up petitions against insolvent companies, restrictions that have
been extended until the end of
worked, at least in the short term, as recent statistics show that corporate insolvencies in August
the short-term effect of these measures will begin to fade as the government withdraws the various lifelines and safety nets starting to see the adverse effect of this with well-known businesses
Without further support packages, businesses who have managed to keep trading may now be unable
We are set for a long winter and businesses should take advice now to ensure they are best placed
For the
road ahead.
We are recognised for our ambition and achievements alike. Our strong reputation is based on trust, respect and results.
or
FUNDING DURING UNCERTAIN TIMES by Mark Gibbons
Senior Access to Finance specialist
The current pressures on the economy (Covid-19, lockdowns, Brexit) have filtered through the entire supply chain, creating a negative impact on the cashflow of even the most viable businesses.
the pandemic, introducing the Bounce Back Loan Scheme (BBLS) Coronavirus Business Interruption Loan Scheme (CBILS) and its big brother for larger
However, with the deadline for applications fast approaching surprising number of businesses which have not yet taken are worth considering as the attractive rates and subsidised fees make them more favourable than alternative facilities, even
take advantage of the CBILS
scheme and those with CBILS can
Beyond the government and the banks, there is a broad range of lenders looking to support viable businesses either through secured funding (against commercial funding from outstanding invoices or applications for payment if contractual in nature in the case stock to bridge the gap between purchase and sale), and asset an asset over a term either in the
the Access to Finance team in Lancashire has supported many viable businesses to access are committed and ready to help the county’s SMEs to unlock the
Unlocking Finance for Lancashire’s SMEs
Our dedicated finance specialists have expert knowledge to help local businesses to identify the most relevant sources of funding.
Contact
BGH@growthco.uk 0808 196 5099
a2flancashire.growthco.uk a2flancashire
LANCASHIREBUSINESSVIEW.CO.UK Advert.indd 1 29/10/2020 15:02:45
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DEBT RECOVERY
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