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BUSINESS RECOVERY

A successful business recovery plan represents the ideal end goal for any company currently in the midst of long-term financial difficulties. Inquesta are here to provide you with specialist advice and support.

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What is a Business Recovery Plan?

A business recovery plan represents an opportunity for a company to outline how they intend to recover from significant periods of financial difficulty, what actions it needs to undertake, how long the process could take, and more. A good recovery plan should be backed by significant research and analysis of the industry and company performance.

There are several things you need to consider when preparing your business recovery plan. These include working out how much income you need to cover all your outgoings (including the repayment of any company debts), the assets your firm currently has, and the funding options that are available to you. You should also pay attention to whether your budget needs adjusting, or if you have any scope to save money. If restructuring is necessary, you need to work out how long this would need to take effect.

It is important that in order for a business recovery plan to be a continued success, company directors should continue to routinely review it to ensure that it remains fit for purpose and that there are no areas it could be improved or amended with the benefit of hindsight. If you are unsure of anything it is recommended that you seek specialist assistance.

Why Use an Insolvency Practitioner for a Business Recovery Plan

An insolvency practitioner is there to provide you with the best advice possible during what will, in most cases, be totally new territory for a business owner. They are there to help guide a business through what can be a troubling time, to hopefully build a better future.

Specialist insolvency practitioners will have the experience required to help businesses of all sizes and industries through distressing financial situations.

Whatever your circumstances, there are a range of options that could be open to you. Inquesta’s business recovery service works to provide a tailor-made solution that is designed to suit your individual requirements. We are experts in the following:

  • Company Voluntary Agreement
  • Partnership Voluntary Agreement
  • Administration
  • Receivership
  • Moratorium
  • Business Restructuring
  • Liquidation

With so many potential options available, and so much at stake, it is essential that you seek expert guidance if you are ever unsure about what to do. A licensed insolvency practitioner will be able to offer just that, and walk you through the entire process from start to finish — providing clarity when it is needed most.

The Role of Insolvency Practitioners in Providing Business Recovery Help

An insolvency practitioner will act to guide a company director through the process of a business recovery. They will act to assess the options available to find the perfect one for each situation.

Using the services of an experienced insolvency practitioner gives you access to an all-encompassing service that helps your business recover from financial difficulty. They will be capable of assisting you with the following and more:

  • Performing an in-depth review of operations (including outgoing costs/expenses and wages)
  • Researching and assessing the optimum strategy for business recovery
  • Putting into practice all required procedures and legal steps
  • Taking the lead on selling and assets if necessary
  • Obtaining any money owed to the business
  • Liaising with creditors

Our business recovery experts know exactly how to help you if your company is experiencing financial difficulties. We will do everything we can to help you get back on track.

Download Free Guides

If your business is struggling financially and liquidation may be your only option, it is essential that you understand the processes involved. It may also be possible that you are finding it difficult to recover from the COVID pandemic and the effects of the Furlough Scheme.

Whatever your situation, our free downloadable guides about the Company Liquidation Process and Coping with Life After Furlough are here to help. Download them today and find out everything you need to know.

DOWNLOAD LIQUIDATION GUIDE
DOWNLOAD FURLOUGH SCHEME GUIDE
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Types of Business Recovery Services

When it comes to business recovery there are multiple options to choose from. From company and partnership voluntary agreements, to business restructuring and administration; even to liquidation and receivership. It is important as a business owner that you research the options and are able to take a step back to decide which best suits you.

No matter what the industry, or how severe the financial issues, Inquesta’s specialist team offer thoroughness, security, and peace of mind. Here are our most common types of business recovery services.

How Inquesta’s Business Recovery Consultants Can Help

Inquesta’s team of insolvency professionals will be able to assess your firm’s operations and determine the best possible course of action for you. Every case, just like every company, is unique and comes with its own circumstances — and with each case there will be an optimal business recovery option available.

With the variety of options, it is important that you can assess which best suits your firm. At Inquesta we will work closely with you to find the best result possible.

We also understand that business recovery isn’t always possible for every company. If you are in this position we can also offer assistance with insolvency proceedings.

Inquesta have acted as business recovery consultants for countless firms across various industries and sectors. With unmatched experience, our expert team are perfectly placed to help your company during difficult times.

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Our Specialist Team

Meet our dedicated team, trained in assisting your business recovery as smoothly and as stress-free as possible. No matter what the issue, Inquesta guarantees results.

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Steven Wiseglass

Director of Insolvency

A co-founder of Inquesta, Steven is a licensed Insolvency Practitioner with over a decade of experience in the field. He is a member of the Insolvency Practitioners Association, Association of Business Recovery Professionals (R3), and his insolvency licence is issued by the Insolvency Practitioners Association. In addition, he sits on the R3 committee of the North West Regional Committee.

Steven specialises in advising directors of small to medium-sized businesses, and has a wealth of expertise in providing the most appropriate advice whatever the firm’s circumstances may be. He has also been instrumental in helping company directors save their business and rebuild them into successful enterprises.

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FAQs

Assessing the success of a business is not a simple process. Each situation is unique, however there are a few things that you can point to in order to get an indication of whether your business is in financial difficulty.

  • Low cash flow
  • Missed payments
  • Falling margins
  • Increased reliance on new forms of credit to keep the business operating as expected

All of the above could be seen as signs of financial difficulty, and could be an early indicator of tough times being ahead. If you spot any of these potential warning signs, it is vital that you seek expert assistance as soon as possible. The sooner you get help, the more options will be available to you.

If your business is struggling financially it is important that you don’t panic. Stressful situations can cause people to make rash decisions, which is never recommended in business. A company will have people that are relying on it, so it is important that you consider them, and do not rush into anything.

It is recommended that you contact a third party expert who can come in and assess your unique situation and suggest a strategy to help.

It is possible to steady the ship without a third party. However, being in financial difficulty is highly stressful for an owner. It is common to feel trapped and not know where to turn. Having an independent expert review your situation is often better than attempting to handle it on your own.

When financial difficulties hit and the future of your business is on the line, it is important that you are not making the situation even more difficult than it needs to be by making decisions with your heart and not your head. Make sure to put pride aside and ask for guidance from somebody trained to do just that, to assist you in a difficult time.

Also in Company Insolvency & Recovery

Administration

Company Voluntary Arrangement

Liquidation

Receivership

Solvent Winding Up

Statutory Demand

Winding Up Petition

Bounce Back Loans

Court Bailiff Action

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