The Board identified a downturn in this business and sought expert advice to assess if there was likely to be an impact on the solvency of the business. Ongoing monitoring, advice and guidance to the Board was provided over a prolonged period of time helped to allay fears and gave the Board time to implement a successful rescue and restructuring plan.
A limited business review was completed for this client, located in High Wycombe, and a hands-on financial monitoring system was implemented. Directors were advised of their options and assistance given to develop and implement a strong recovery and rescue plan. Gore and Company’s expert understanding of insolvency legislation and procedure ensured that, while the company was taking corrective action and implementing the rescue package, the Directors were aware of their legal obligations regarding wrongful trading and trading while insolvent and took steps to mitigate these risks. Early consultation with Gore and Company allowed the business to avoid formal insolvency proceedings.