The options
Business rescue is always the primary aim at CavanaghKelly and there is often a variety of options available to those involved.
The first (and most vital step to appraising options) is to ensure that the current Statement of Affairs (SOA) is accurate. This is the most overlooked aspect of the entire process as, in the attempt to produce a quick solution, extreme pressure is often applied to produce an SOA within a very narrow time-frame.
Our experience as insolvency practitioners (IPs) indicates that critical liabilities are often omitted from the SOA whilst assets can also be overvalued. Therefore, extreme care must be taken in producing this document.
In addition to the above, it is vital that robust financial projections and cash flows are reviewed in conjunction with the SOA. Current creditor pressure should also be reviewed. When the above documents are prepared, a proper appraisal of the various options can be made.
Some of these options are listed below. Click on the links below for more information.
Back to: Guide to Business Rescue and the Insolvency Process - Overview
A PDF version of the full 'Guide to Business Resuce and the Insolvency Process' is available to download here.
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Whilst every effort has been made by CavanaghKelly to ensure the accuracy of the information here, it cannot be guaranteed and neither CavanaghKelly nor any related entity shall have liability to any person who relies on the information herein. Information given here is for guidance only. Detailed professional advice should be taken before acting on any information contained herein. If having read the guidance here, you would like to discuss further; a member of our team would be pleased to help you.