There are times for many businesses when, for whatever reason, the company faces financial difficulties. This could be due to the loss of a major customer, a bad debt suffered or a major increase in business overheads. Any of these could cause a decline in profitability and a tightening of cash flow. Experienced management will often be able to overcome such problems but sometimes even the best need help.
At Higgisons we appreciate that financial problems affect even the most well managed company. We understand the difficulties company directors may face as a result and we have an understanding approach which combines with our technical knowledge.
We provide a positive attitude to problems and, if possible, our objective is to save and turn around struggling businesses.
The Insolvency Act 1986 introduced a number of rescue techniques and with the recent addition of the Enterprise Act 2002 the opportunity for turnaround has increased, resulting in a rising proportion of rescue procedures. After looking at all the suitable alternatives, we only use formal insolvency proceedings as a last resort.