The economic recovery has lost momentum

During the summer, key indicators of economic performance have shown that the British economy is not making much progress. The growth forecasts of economists have been repeatedly revised lower. Inflation according to the Consumer Price Index is running at 4.5 per cent, while unemployment is over 2.5 million on the Labour Force Survey. In these conditions, many consumers are often unable or unwilling to spend a great deal.

At Cooper Matthews we appreciate how difficult trading conditions are. We recognise that a plethora of firms need business debt analysis as a matter of urgency. It is important to remember that a company can recover if it faces up to its problems in time.

In a difficult economic context, it is unsurprising if an enterprise gets into difficulty. For example, it only takes a supplier to go out of business for a small firm to be adversely affected. Before it can adjust to a new situation, it may stack up some business debt. Unless it takes appropriate action, this debt can constitute an existential threat to the business.

It is imperative to perceive that delay can compound a firm’s troubles. It is easy to avoid addressing debts for a variety of psychological reasons. Nonetheless, the feeling of relief which flows to those who get help is very real. A director should bear in mind the potential consequences of a winding up petition and bankruptcy. This way of looking at the situation should serve as a call to action.

In these circumstances, the thing for a director to do is to seek out specialist assistance. An experienced Insolvency Practitioner with sector-based knowledge can diagnose the problems and get to the right solution. A company debt rescue may well be possible. It is critical to recall that many now successful companies have been distressed in the past.

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