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Small to medium sized businesses continue to be under significant financial pressure due to the general economic slowdown and the difficulty of obtaining credit.
Recent reports such as that from Lloyds TSB Commercial have suggested one in eight businesses suffered losses of between GBP10 Nick Chubb Jersey ,000 and GBP30,000 due to the adverse weather conditions at the start of the year.
In this difficult economic environment, company debt levels can spiral out of control. It is therefore critical for business owners and managers to understand how to tackle debt.
Management Processes to Cope with Company Debt
Start by focusing on credit control and cash collection. If you ensure the company is being paid on time Denzel Ward Jersey , the business will be far less dependent on lines of credit such as the bank overdraft and will have the funds available to pay suppliers.
It is far better to spend management time ensuring invoices are correctly issued and debts collected rather than managing creditors who are constantly demanding payment.
It may be possible to defer tax payments using the Government time to pay scheme. This will give a short term respite from tax debts and is useful to tide the company over a period where cash is tight. This is not however a solution to a deeper business debt problem as the tax will eventually have to be paid. If you believe you have a more serious company debt problem, you need a robust business turnaround solution.
Debt Rescheduling
Where your company is unable to pay its debts, there is the risk of formal creditor action being taken against it. This may result in a winding up petition being issued particularly if tax is owed to HM Revenue and Customs.
In these circumstances Baker Mayfield Jersey , you could consider a Company Voluntary Arrangement (CVA). A CVA is an agreement with all of the company's creditors to pay a reduced amount towards its debts over a fixed period - normally five years. The advantage of a Company Voluntary Arrangement is that often more than 50% of the company's debt is written off and there is little upfront investment required.
An alternative to rescheduling a company's debt is to actually consider closing the business and starting again. If you want to continue to trade as a similar looking business but without the burden of company debt, it is possible to use Pre Pack Administration. This process involves the setting up of a new company which buys the assets of the old and continues to trade in its place. The old company is then closed and creditors are paid from the proceeds of the asset sale. The creditors will not be paid everything that they are owed. However, they will receive more than they would if the business was simply allowed to fail.
If your business debt problems are putting the business at risk Jarvis Landry Jersey , it is important to take action as soon as possible. Clearly improving internal processes such as invoicing and credit control are a first priority. Where the business debt trouble is more deep rooted, it is appropriate to implement a robust business turnaround solution such as Company Voluntary Arrangement or Pre Pack Administration which will reduce the debt burden and protect directors from the risk of trading while the business is insolvent and therefore becoming liable for the company debt themselves. Make Money by Utilizing NRL Betting
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19.03.2020 06:11
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