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Early Turnaround Advice for Companies Facing a Downturn

Gore and Company have developed a range of services offered to companies that recognise that they may be in the early stages of a serious downturn.

Following an initial meeting, during which we review the state of the business with its directors we can propose a range of services:

  • Establish the Company's current financial position (in a more detailed way than can be achieved in an initial meeting).
  • Review the Company's trading and cash flow projections and model a range of relevant scenarios.
  • Review the Company's cost base and make recommendations for further cost cutting.
  • Review the various issues facing the business and make recommendations as to how these should be addressed.
  • Advise on procedures available under the Insolvency Act 1986 to rescue businesses and their value and possible use as regards the business of the Company. Provide advice on
  • relevant legislation in, for example, the treatment of creditors.
  • Provide the Board with a view on informal procedures that may be used, perhaps in preference to formal insolvency procedures, depending on the status of the Company.
  • Provide the Board with guidance on their personal responsibilities in the situation where a company is experiencing financial difficulty, in relation to, for example, wrongful trading and related legislation.

The message from Gore and Company is "don't wait until it's too late!" R3, the Association of Business Recovery Professionals, says that for businesses "In times of financial crisis, taking early, independent advice is crucial."

If you feel that your business is facing a downturn, if you need restructuring advice, if you need to look at your options and position as a director of a business in insolvency, don't hesitate to Contact Us.

Please note that the above is provided for illustration purposes only and comprises a short view of extremely complex insolvency and other legislation. This is a complicated area and specific advice must be sought before undertaking any course of action or before refraining from any course of action. Gore and Company takes no responsibility for any loss incurred to or by any person who either acts or refrains from acting on the basis of the above or of any other item published on this website. The above note may not be reproduced without the prior written consent of Gore and Company.

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