Cash is King
Blog | 25th November 2019
December can be a busy time for many businesses with sales continuously improving as we get closer and closer to Christmas.
Sales may be up but you still need to get the money in. Your customers may close for the holiday period delaying payment which can lead to cash flow issues. Worse still, what if they’ve seen a decline in business, they’re struggling to meet their debts and the business fails leaving your invoices unpaid?
Cash flow is more important than ever, a reliable and predictable cash flow is critical to the success of any business. We understand this, and act for companies and individuals who want to get paid.
There are times when your customer simply cannot pay and you may want to consider bankruptcy or winding up them up. Circumstances vary enormously and you need to be fully aware of whether proceedings are appropriate and what the consequences are likely to be.
If your business is owed a substantial amount of money, don’t delay, seek advice as soon as possible, this can help ensure you have the most options available to you.
It may be that it’s your business facing difficulties and the possibility of insolvency. Each individual position differs according to whether you are a director, shareholder or sole trader. The distinction between business and personal liabilities are not always as clear cut as they may seem. Again, early advice is key to guide you through and achieve the best possible outcome.
Whether it’s you or your business facing insolvency or you have a debtor dealing with insolvency issues contact Kathryn Maclennan ASAP for a free, no obligation discussion to explore the best options available to you.