Following the collapse of construction firm Carillion, many subcontractors who have been left with huge unpaid bills by the firm are considering drastic action to salvage their businesses.
One Oldham-based building contractor has been reported to have already had to let go two of his workers, and has been left with a pile of 40 unpaid invoices – some of which are up to a year old. The owner of the business is now considering re-mortgaging his family home and digging into his overdraft to save his firm.
Unfortunately, this is only one example of many subcontractors who are looking at these sorts of extreme measures in order to salvage their livelihoods.
If you are a subcontractor affected by the liquidation of Carillion, before you do anything drastic like re-mortgaging your home, get in touch with us at Clarke Bell to see what alternatives there are available to you.
Get our free, expert advice before you put any more money into the company.
You may find yourself in an even worse situation if you go full steam ahead trying desperately to save your business without any professional help.
In some situations it may be better for your company to close down using a procedure called a Creditors’ Voluntary Liquidation (CVL).
One of the benefits of having a limited company is that, as a director, you should be able to protect your family home. Don’t risk losing everything by feeling forced into re-mortgaging your house or using up your overdraft when another option could be better.
By liquidating your company, you could be able to then restart your business with our help, like we’ve been able to do with our companies in the past, without risking your home or personal finances.
The main thing to do is not to panic and make any rushed decisions.
Speak to us at Clarke Bell and we can provide free, initial advice to determine what the best course of action is 0161 907 4044 / [email protected]