Key Points & FAQs

The key points in dealing with surviving a cash crisis and managing a turnaround are summarised below. For more information on any of the topics listed or to obtain a free 13 key steps guide, please follow the links below.

 

To ask a question or to request advice, please:

• click on the book button
• visit www.gpsuk.biz,
• email post@galenpartners.co.uk, or
• call 0844 576 0402

Key Points

1. Can you pay your debts as they fall due? If not, you are insolvent. Don’t panic, but do get professional advice.
2. Create a cashflow to work out how much cash you are going to need in the short term. It is the first step towards making sure you have it.
3. Work out how comfortable/exposed the bank is, and will become, before you sit down to talk to them about how much cash you need.
4. Use these tools to keep track as you go.
5. Explore the use of asset based finance to generate greater borrowing headroom than is available through bank finance.
6. Actively manage your cash and the funds tied up in your working capital.
7. Do not put good money in after bad.

FAQs and Free 13 Key Steps guide

For more information click on the links below:

• What are the directors’ responsibilities if a business is in difficulty?
  • What is a preference?
  • What are wrongful or fraudulent trading?
  • How do I manage my personal risks in a crisis?
  • How do I manage insolvency risks in a crisis?
  • How do I avoid being personally liable for PAYE/NI arrears?
• How do I raise finance?
  • Where can I find turnaround equity?
  • How do I find out what grants may be available?
• Can I sell a business in difficulty?
• Can I buy a business in difficulty?
  • What are the key issues in buying a distressed business?
• What is Insolvency?
  • What are Administration and a ‘Prepack’?
  • What is a Company Voluntary Arrangements (CVA)?
  • What other insolvency processes are there?
• What is Turnaround?
  • What do business rescue terms mean?
  • How do I manage a cash crisis?
  • Who can help in a turnaround?
  • How do I manage interim managers and advisers?
  • How do I manage stakeholders?
  • What particular issues affect family businesses?
• Why do businesses fail?
  • How do I deal with creditor actions like a CCJ or a Statutory Demand?
  • How do I deal with Crown debts such as VAT and PAYE/NIC?
• Will My Bank Support Me?
  • What is an Independent Business Review (IBR)?

Free online 13 Key Steps guide to business rescue

To ask a question or to request advice, please:

• click on the book button
• visit www.gpsuk.biz,
• email post@galenpartners.co.uk, or
• call 0844 576 0402

Information provided is copyright and subject to the Important Notice on the home page.

Of course the information contained in an article like this can never be a full statement of the legal position as the relevant laws are complex and liable to change. This article can only therefore be a general guide as to the issues involved and as these can have serious implications you should always seek appropriate professional advice on your own particular circumstances before taking any action.

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