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Insolvency & the COVID-19 outbreak

As a firm of Insolvency Practitioners who have been trading for more than 28 years, we thought we’d seen everything in the world of business and insolvency. However, the events we are going through now are unique. Every business and every individual are being affected; and we all face uncertain times.

Clarke Bell always offer free advice to company directors who are facing cashflow problems. However, with things changing so rapidly and uncertainty all around us, it is difficult to provide definitive advice and strategies at the moment.

Advice for company directors

The best advice we would give to a company director is to:

  • keep track of the latest news and Government announcements
  • liaise regularly with their Accountant
  • chase up any overdue invoice payments, wherever possible – but be sympathetic to those clients they know will be struggling
  • communicate with their staff as openly as they possibly can; and
  • if they are worried about the very survival of their company, they should get free advice from an Insolvency Practitioner straight away.

The economists are predicting a V-shaped recession, if the emergency is brought under control quickly. If not, it could be a full-blown depression. They are predicting a 9% drop in GDP, but then a bounce back.

However, it is all guess work for now.

Government resources

Coronavirus guidance for Companies House customers, employees and suppliers >>

Business support helpline >>

NHS advice for everyone >>

Claim for your employee’s wages through the Coronavirus Job Retention Scheme >>

Claim a grant through the Coronavirus Self-employment Income Support Scheme >>

Changes to Companies House Strike Off Procedure >>

Apply for a coronavirus Bounce Back Loan >>

The situation is constantly evolving, so keep track of the latest news – and try to keep yourself in good health.

 

 

If you are looking for any advice on the above, call us on0161 907 4044

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