A problem shared…

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The start of April sees a number of additional burdens placed on businesses.

In addition to increased National Insurance contributions, there are the ongoing problems of supply chain issues and higher energy prices.

Also, the remaining temporary measures to protect insolvent businesses by restricting winding up processes have now ended and as of this month, businesses now have to pay back all VAT deferred in the period to June 2020 under pandemic reliefs.

As if all this were not enough, changes made to the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act 2021 in February this year put directors under increasing scrutiny from the Insolvency Service by extending its powers to investigate the conduct of directors of dissolved companies. 

This makes it harder for businesses to use creditors’ voluntary liquidation (CVL) process to close down an insolvent company.

a problem halved?

Many CEOs and directors struggle on in silence sharing none of their worries about the state of their businesses perhaps for fear of being seen as weak, or of encouraging predatory creditors to take action, or because they simply don’t know where to turn.

Whatever the reason, doing nothing is really not an option.

Talking to somebody trustworthy who is on their side can often help to reduce a problem to more manageable proportions and help to come up with solutions.

Insolvency does NOT have to mean the end of a business.  It is possible it can be saved by a radical overhaul and restructuring.

That’s where we at K2 Partners come in. Restructuring is what we do and we have many years’ experience of successfully turning around companies even where their directors have almost given up hope.

That’s why we say:

A problem shared is a problem halved.

To find out if there is a way you could pivot your business to survive and grow why not message us, email or call to discuss and clarify your ideas? 

What have you got to lose?