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Insolvency & the COVID-19 outbreak

As a firm of Insolvency Practitioners who have been trading for more than 25 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.

Accountancy firm turns around its cashflow problem

The difficulties A two-partner firm of Accountants was experiencing severe cashflow problems primarily arising from a temporary absence from work by one the partners due to ill-health. Before speaking to Clarke Bell, the partners had attempted to get support from their main creditor. This had proved unsuccessful however, and the company was being asked to…

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Cashflow problems hit business and its directors

Clarke Bell were approached by the directors of a children’s play-centre which had run into financial difficulties. The problems were also having a major impact on the personal finances of the two directors. Our Corporate and Personal Insolvency expertise meant that we were able to help the directors to deal with all the problems relating…

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Clarke Bell steps in to save 25 jobs for retailer

When a novelty gifts and gadgets retailer hit cash flow problems, the company was threatened with closure and the loss of 25 jobs at its five regional outlets, some of which were based in Manchester, Bury and Chester. However, the business was able to continue to trade normally, thanks to the intervention of Clarke Bell.…

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COVID-19 update: We’re still working. For advice, just get in touch the normal way.