32 DEBT RECOVERY
We provide #GreatKBLsupport for businesses and individuals across the North West.
On Your Side For specialist insolvency
advice call KBL
We appreciate that formal insolvency is a last resort, but options and guide you through:
Please call Kathryn Maclennan on 01254 268790 or email
kmaclennan@kbl.co.uk
www.kbl.co.uk BLACKBURN
12 Cunningham Court Blackburn BB1 2QX 01254 268790
BOLTON
28 Mawdsley Street Bolton BL1 1LF 01204 527777
PERSONAL
RESPONSIBILITY FOR BUSINESS DEBT
by Kathryn Maclennan Partner, KBL
You may think that business debts are distinct from those which individuals incur, but the line between personal and business liabilities is not as clear cut as it may seem.
As a sole trader, an unincorporated partnership or if you have personally guaranteed the debts of a limited company the liabilities of that business ultimately fall on
issues, underperforms or ends up in formal insolvency, creditors may be able to pursue their debts against the individuals who traded fails, then your personal income stream could disappear leaving you struggling to meet your
A struggling business has implications not only for business these unprecedented times many are facing reduced income via the
furlough scheme and there will be
employers will have hoped to avoid redundancies and bring employees off furlough but the ever worsening economic climate
as a business owner or as an Whatever the circumstances there are options open to you, you can consider both formal and informal solutions including negotiations with individual creditors, individual voluntary arrangements
None of these steps is to be taken lightly and early advice is being threatened with insolvency action and again it is crucial to understand what your position is
THE CHEQUE’S IN THE POST by Fran Henshaw
Senior manager of corporate recovery, Beever and Struthers
Many areas of specialism. One focus. Your business.
• Mergers and Acquisitions • MBOs/MBIs • Due Diligence • Company and Share Valuations • Raising Finance • Business Start-up Advice
Our areas of expertise are: • Turnaround, Recovery and Regeneration
• Restructuring and Refinancing
• Business/Strategic Planning
• Fraud/Forensic Accounting • Business Disposals including preparing for sale)
Beever and Struthers has a dedicated Corporate Services Department which provides high quality and bespoke advice. Whether you are just starting up and looking to raise finance, want to grow your business through acquisition or realise its value through exit, we have an experienced team who will work closely with you and offer tailored advice to suit your specific needs.
www.beeverstruthers.co.uk
This excuse may be outdated but, no matter the reason given for delaying payment, remember a sale is not a sale until you get paid.
As the pandemic hits businesses from all sectors this has never
Keeping close to your customer and understanding their business yourself how the pandemic might have affected them; does this they receive a Bounce Back or CBILS loan and if so, where is that cash now?
Manchester Birmingham London Blackburn
blackburn@beeverstruthers.co.uk
smell a rat, don’t sell or consider
Frequent contact by your credit controller is the key to spotting changes in your customers’
Keep in touch with your customer following delivery, not just once payment falls due to avoid spurious complaints, especially those raised
Identify customers who are taking extended credit terms, and don’t amiable that are placed last in
If your credit control fails, then having a relationship with a good debt collector can be the next step, but they can only help if you are proactive in identifying debts to
because your customer is the one
With winding up suspended to time if you don’t up the game and
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