Whether it is demands for payment, threats of CCJ’s or even a Winding Up Petition, creditor pressure can very quickly damage a business, sometimes terminally. Business insolvency advice and swift action should be taken to protect both the business and its Directors. Creditors to businesses include:
- Trade creditors and suppliers
- Banks, Funders and Finance Providers
We work with business owners to decide how best to deal with creditor pressure and ensure the future survival of their business.
Creditor Pressure from Suppliers
Any difficulty paying suppliers is a very real threat to a business and its ability to sell its own goods or services. Sometimes the problem is one that has been building for a while and sometimes it comes on suddenly, usually due to an unexpected reason, such as the loss of a major contract or a significant bad debt. Whatever the cause, we can help if you are suffering from creditor pressure. The the earlier we get involved, the greater the range of options may be.
Our team of Insolvency Practitioners and Business Recovery Specialists can step in and talk to creditors on behalf of businesses, bringing a degree of independence and impartiality and often taking the emotion out of strained relationships between business owners and creditors.
There are a range of options that may be available to deal with creditor pressure. These range from arranging viable repayment plans through to defending and holding off more serious recovery action such as Bailiffs and Winding Up Proceedings.
HM Revenue and Customs
HM Revenue and Customs (“HMRC”) have far reaching powers to collect in debts from businesses. If a business is under threat of recovery action by HMRC or is experiencing difficulty in paying please click here for more detailed information on how we can help with this specific problem.
Banks, Funders and Finance Providers
Problems can occur if a business does not keep to the lending agreement or if a funder or finance provider perceives the business is unable to repay its debt. These situations occur because the funder may have conducted a review of the business and concluded there are problems or the funder may have become aware of creditor recovery action, such as a CCJ or a Winding Up Petition.
Poppleton & Appleby is respected as an independent and impartial advisor by a range of banks and finance companies. We have a broad range of services, backed by years of experience to help manage those relationships to ensure continued support by a bank or funder or resolving these issues by finding alternative finance. Often, the bank or funder will allow some breathing space once it knows a business is taking independent and professional advice to resolve the problems.
The inability to pay rent when it is due to a landlord represents a very serious threat to a business. In addition to the ability to recover debts like trade and supply creditors, landlords have additional rights which are either contained in lease or property rental agreements with a business or are embedded in law.
Our team of Business Recovery Specialists are experienced in negotiating with landlords with a focus on preserving the relationship, to allow a business to continue in order to deal with rent arrears. Our team understands the importance of constructive discussions and can take the emotion and stress out of these situations for business owners.
Act Now to Deal with Creditor Pressure
As soon as a business becomes aware of a creditor problem, contact us or call us on 0121 200 2962, at our central Birmingham headquarters. We can provide SME business owners, with options, guidance and solutions in situations that are difficult or even where all hope seems to have gone.