News
25/01/2010
Is this the end of Time-to-Pay?
LC Corporate Strategies continues to successfully negotiate time to pay proposals with HM Revenue & Customs (HMRC) despite a clampdown on arrangements by the taxman.
Since its introduction in November 2008 the BPSS has set up over 200,000 time-to-pay arrangements, resulting in the deferment of circa £4 billion of government funds. HMRC are now imposing stricter conditions in relation to both the arrangement and settlement of further repayment plans.
So if a business has substantial arrears to the Crown, what can be done?
The stance of HMRC has changed and securing a time to pay arrangement in the current climate is now more difficult than before, with particular attention focused on the following areas:
- Future viability – as demonstrated by a robust business plan.
- Director’s support – injection of personal funds and/or reduction in salary. In addition to this a proposal is unlikely to be considered where there is an overdrawn director’s loan account.
- Cost reduction program – redundancies, rent/lease payment holidays etc.
- Exploration of all suitable, alternative forms of finance.
First impressions are very important; presenting a workable, robust and deliverable case to HMRC will greatly improve your chances of obtaining the support of HMRC. Through the daily contact we have on our current cases, you can be sure that our reports meet all the latest HMRC requirements.
With difficult trading conditions expected to continue into the New Year the time to act is now. Directors who are continually ‘fire-fighting’ may lack the resources to implement changes that need to be made. Finding suitable advisors to guide them through this process is vital; our team at LC Corporate Strategies has a proven track-record of managing such situations.
What else are HMRC doing to plug the deficit?
Prevention is now the key for HMRC with a number of measures being introduced:
- A new PAYE/NI late payment penalty is set to be introduced from May 2010. Penalties will be more severe; with the regime applicable to all employers and contractors as opposed to just large employers which has historically been the case.
- The introduction of VAT security bonds has been suggested in the media recently. They are not a new concept, but have previously only been required in exceptional circumstances. HMRC can request up to 6 months of projected VAT liabilities for poorly compliant and new businesses. Such a considerable initial out-lay of funds will be hard for many businesses to take. In our experience we have found it possible to negotiate the reduction or removal of VAT bonds when requested.
08/10/2009
Record numbers of small businesses struggle to meet tax payments
LC Corporate Strategies, the tax arrears restructuring specialist, is fielding a record number of enquiries from cash-strapped businesses wanting to reschedule payments to the taxman.
In the past half-year alone the national firm based in Manchester has processed more than 100 requests for help from Small and Medium-sized Enterprises (SMEs) needing to use HM Revenue and Customs' (HMRC) Time To Pay Arrangement Scheme to spread tax payments.
And LC Corporate Strategies, a division of corporate rescue, insolvency and recovery firm Leonard Curtis, is achieving a record-breaking success rate for its SME clients with some 85% of its payment proposals being accepted by HMRC.
Since the launch of LC Corporate Strategies in 2001 it has processed more than 650 enquiries from firms with HMRC debts ranging in size from £50,000 to £4m and above.
Time to pay allows firms to manage cashflow more effectively by spreading the payment of tax liabilities after agreement with HMRC. The scheme allows taxpayers to spread all types of tax liabilities including corporation tax, income tax, VAT, PAYE/NIC and other payments owed to HMRC.
Since November 2008 HMRC has backed about 204,000 time-to-pay arrangements following the launch of the Business Payment Support Service (BPSS) for SMEs in 2008. Approximately £2.7bn had been deferred as of June this year and £1.1bn of that sum now needs to be repaid.
Rik Heap, director at Corporate Strategies, said it is essential for directors to act as soon as they become aware of a problem with tax payments - because ignoring demands for payment from HMRC won't make them go away.
"It's very difficult to help if we're contacted by a director on the day before a business receives a winding-up petition.
"Doing nothing really is not an option. It's crucial for directors to move immediately if they're having issues with their tax - it allows them to retain control of their finances and ensure the security of the business," he said.
Mr Heap said HMRC remained largely supportive of SMEs because it wanted to keep them out of insolvency but was now looking to maximise the tax take by demanding extremely robust business plans.
If a business plan fails to meet the required standard and a business fails to pay its monthly tax instalments the taxman may now come down very hard.
He added: "Many businesses have increased Crown arrears at an alarming rate and HMRC has realised that there is a very large UK plc debt out there that needs to be paid.
"Business owners therefore have to submit a repayment plan that is spot on first time. Many directors submit repayment plans that fall at the first hurdle under scrutiny by HMRC so any plan must be workable, robust and deliverable."
22/07/2009
The role of the invoice finance broker
Les Gordon, Director of LC Factoring Advisory Service, provides his thoughts on the relationship between broker, factor & client.
How significant is the role of the broker in the factor-client relationship?
Brokers are important because they are the ‘eyes and ears’ in the marketplace. The prospect/client may know what factoring is, but not know who to go to, or where the best deals are. A broker will be able to advise of the best rates and match the right factor to the right client. Finding the right funding partner has rarely been more important during a recession where the lending market has changed significantly.
What parameters do you apply when matching clients with factors?
The main parameters that determine which clients should be matched with which factors are
- Turnover - some factors specialise at the smaller end of the market and offer a good personalised service, whilst others are more suited to larger invoice discounting deals.
- Market sector - some factors are geared to handling clients from a particular sector such as recruitment or construction. There are other factors who offer additional services such as payroll or trade finance to clients.
- Geography - some clients like to deal with a locally based factor whereby they feel they can talk to or meet their client manager more easily. There are also some companies who do a lot of business with foreign customers and need a factor who can understand and collect foreign debt.
- Product - there are a wide variety of factoring products available and not all factors offer the same range of products.
With rising risk and fraud an inherent part of the current crisis, is matching clients and factors becoming more risky?
It is not becoming more risky to match a client with the right factor but there is undoubtedly a much greater awareness of the potential for fraud amongst lenders. Lenders now more than ever have to consider
- What the implications will be if client goes bust?
- Can the debt be insured?
- The quality of the debt.
Risk is more prevalent in a recession. A company may think that it is an easy option, for example, to pre-invoice for work that hasn’t yet been completed or an order that hasn’t been delivered; or to ‘fresh-air invoice’ ie. make up an invoice against a client to raise some cash and then write off the invoice.
How have the requirements of clients developed in the downturn?
In the downturn, it is even more important for the client’s expectations to be managed. Factor’s rates are increasing because they are seeking to manage risk and get a better return on investment, but clients want a cheaper service because factoring is an expensive overhead. Therefore, brokers need to manage the expectations of the clients to make sure that they get a fair deal for what they are paying.
What broker USPs have been consistently attractive to clients?
The database of contacts is attractive to clients. In a static market, brokers are less important, but in a volatile lending market, brokers are called upon to ensure that the client is getting the best deal available. Also, brokers are able to assess what is out there in terms of funding - they can see who is lending, who is increasing rates and who is still actively looking for new business.
How can factors best develop their relationship with their broker?
Communication: There are lots of assumptions made about the product offering of a factor, but it is important for brokers to keep up-to-date with the market in terms of costs, rates, charges etc. to ensure that they can competently recommend the best and safest factor for clients. Brokers need to be able to let clients know what is out there in order to match the right client to the right factor.
And how can brokers and factors co-operate to maximise the number of clients coming through their door?
Any client that cannot or will not be taken on by a factor should have their enquiry referred back to the brokers who will be able to find someone to help them. Also a quick “no“ to a proposal is often better than a drawn out “maybe“. Factors should know fairly quickly if the deal is for them, and if it is not the broker can then try to place the deal elsewhere before the momentum is lost.
How has the brokering industry fared of late? Have there been casualties?
Everyone has to work harder in a recession as lenders are more risk averse, and it is taking longer for brokers to find funders and secure the deals. Therefore, commissions have slowed as it takes significantly longer to conclude a deal. As in most industries during a recession there will be some casualties, but LC Factoring Advisory Service is unique because it does not take commission, therefore will not be hit by an increase in the time it takes to conclude a deal.
How long do you believe rising risk will continue to impact upon the factor-client relationship?
The recession has shed some light on some basic questions that may have been overlooked in a time when the market was in boom. These are questions that I believe will continue to be studied closely before any deal is sealed in the future, such as -
- The quality of the debtors.
- The ability to collect any outstanding payments.
- The credibility of the clients, decent balance sheet, ability to pay, strength of the paper trail.
Previously, when the level of risk was lower, these criteria may have become a bit blurred, and a factor may have been willing to accept say background security such as the value of a directors house as justification for doing a deal.
How do you work alongside other professionals such as accountants?
We find an increasing level of business coming from accountants these days for a number of reasons
- Firstly, accountants generally have a client base which requires constant attention, and they find they have little time to deal with a factoring enquiry on behalf of a client. The market has also changed and it is no longer the situation where it is simply a matter of phoning a couple of factors to place a deal.
- Secondly, the Factoring Advisory Service does not take commission, so we can place a deal for an accountant and if they choose to, they or any other introducer can keep the commission.
- It is also the case that in a recession costs such as factoring are being closely scrutinised by accountants to see if there is any room for improvement and cost saving. We have the experience to be able to assist and have been able to save accountancy clients money on their factoring costs.
So, what’s in it for you?
The Leonard Curtis business model is based on long term working relationships with the professional community. We are able to refer work to asset based lenders, accountants, banks and solicitors, in return for which we obtain reciprocal instructions from them.
In conclusion, there are still plenty of lenders willing to lend and brokers able to assist in facilitating the deal.
29/06/2009
ABLs still lending despite the recession
According to LC Factoring Advisory Service, one of the UK's central resources for factoring advice, Asset Based Lenders (ABLs) represent one class of lender not avoiding deals in the recession. However, there is a changing attitude to risk which, if not carefully managed, will adversely affect many UK businesses.
"UK companies are borrowing more against assets" says Les Gordon, Director at the LC Factoring Advisory Service, "as bank lending continues to contract and forces them to look for alternative forms of funding. As one of the UK's central resources for factoring advice, we have certainly seen a pronounced increase in Asset Based Lending over the last 12 months and expect this to continue for the remainder of 2009.
"The most widespread trend in the current ABL market, and a serious challenge to the UK businesses which reply upon it, is a changing attitude to measuring risk."
Les also asserts that many ABLs are currently reviewing their own balance sheets and seeking to divest themselves of certain clients - based on a reassessment of their perceived potential risk in worsening economic conditions. He continues: "Many different sectors have been branded ‘risky' and, as a result, many companies have been forced to seek an alternative source of funds.
"There are however, funders still willing, and able, to lend. Many successful ABLs remain committed to expansion into wider markets, and I am happy to say, that we have been successful in finding new facilities, and managing transition periods, in most cases we have handled."
He explains: "Where companies are no longer economically viable, and their current ABL is seeking to manage them away because of this, there is also hope. In these circumstances, and where struggling companies are seeking to improve their chances of funding with a turnaround strategy, the most common problem is VAT and PAYE debt.
"The crucial point to make here is that acting quickly is everything. Sometimes the situation is only brought to light once serious levels of arrears have been amassed, which can be alarming for a potential lender. Speaking to us early - as soon as any arrears come to light - significantly increases both the range of options we can bring to bear and the positive impact of our professional involvement.
Often, in spite of VAT and PAYE arrears, there can be a strong case for supporting a business, and we can agree time to pay with HM Revenue & Customs. This type of action is repeatedly proving to be enough to put many companies back on a surer footing. At LC Corporate Strategies we have a 90% success rate in such negotiations.
Company insolvencies are likely to continue to rise through the recession. We are now seeing the effect of this on the ABL market in the form of a shift of emphasis from putting on sales and encouraging double digit growth, to a much greater focus on risk management.
LC Factoring Advisory Service advises companies across the broad spectrum of the ABL market. It provides confidential advice to match clients with factors best suited to their specific needs.
For more information, or to contact an advisor call 0161 831 0247.
24/06/2009
Surge in enquiries after the introduction of tax deferral scheme
LC Corporate Strategies, the national business rescue and recovery firm, has reported a large influx of enquiries in direct relation to the Business Payment Support Service introduced by HM Revenue and Customs last year, which allows small businesses to defer the payment of tax.
Stephen Fern, director at LC Corporate Strategies comments: "Since the introduction of the scheme, we have a seen a marked increase in the number of businesses who are deferring their tax payments. This has been a direct response to increased support being given by HM Revenue & Customs to businesses who due to factors outside their control are suffering from short term cashflow issues.
The scheme helps businesses who are struggling with cashflow by giving them the opportunity to defer tax payments, and removing any late payment charges when a deferment is agreed.
Stephen continues: "The number of people approaching us for advice surrounding this has grown - people are aware the scheme is in place, but are still in need of professional guidance in order to address any underlying issues behind the need for financial support."
"It is anticipated that in the next six to twelve months it may become more difficult for the scheme to continue at this rate as out of necessity the government begin to recoup the monies owed as the economy strengthens."
10/06/2009
New appointment
We have strengthened our team with the appointment of Peter Laurie as Business Development Director.
Peter has over 20 years' industry experience within the Asset Based Lending (ABL) market; he was the founding partner of a successful asset based leasing company which became Investec Asset Finance. In recent years he has worked extensively within the Factoring/Invoice Discounting industry, latterly with Bibby Financial Services.
As part of his new role, Peter will be responsible for developing relationships with mid-sized accountancy practices in the south of England as well as utilising his network of industry contacts within the ABL marketplace.
Commenting on his appointment, Peter said: "Having worked alongside the team for a number of years on various business opportunities within the industry, I have always respected their extensive knowledge - and I'm pleased now to be a part of the team."
Peter is married with two children and lives in Henley-on-Thames; his hobbies include fishing and yacht racing - he has just successfully completed a French transatlantic race.
15/04/2009
More creditors willing to adopt formal pay deals
According to LC Corporate Strategies, the turnaround arm of national corporate recovery firm Leonard Curtis, more creditors are willing to arrange formal time-to-pay deals, or to negotiate reduced amounts in full and final settlement of outstanding debt; as opposed to issuing legal proceedings that could result in a formal insolvency process, where the likelihood of a dividend to creditors is minimal.
Commenting, Stephen Fern, Director at LC Corporate Strategies, says:
"Managing cashflow is becoming increasingly difficult as customers seek increased credit terms, which cannot subsequently be passed on to suppliers, and securing additional funding remains a challenge in the current climate. If a company is struggling to satisfy creditor payment pressures and service their funding commitments, it's vital that they keep lines of communication with creditors and funders open and transparent. Ignoring the issues and severing lines of communication will have a negative impact on the ability to negotiate successfully with creditors.
"Where a viable business exists, and a realistic and achievable future strategy requires the support of creditors through either a time to pay arrangement or a reduction in any outstanding debt due in full and final settlement of a liability, creditors are becoming increasingly responsive to such proposals. Behaving in a transparent, professional way with creditors; whether HM Revenue & Customs, a landlord or a critical supplier, is far more likely to result in a positive outcome for both parties."
For more advice on how to manage cashflow or negotiating time-to-pay arrangements with creditors visit http://www.corporatestrategiesplc.com/
05/03/2009
Attitude to risk polarising UK factoring market
UK factors continue to polarise in their attitude to risk, according to the LC Factoring Advisory Service, one of the UK's central resources for factoring advice.
"Funders are still willing to lend," comments Les Gordon, Director at the LC Factoring Advisory Service, "but there are varying attitudes to risk across the industry. This means there is an influx of manage-aways on the market, as factors averse to short-term risk divest their portfolio of what they see as undesirable customers.
"There are however some commercial funders who are still willing and able to take on these businesses and we have been successful in finding new facilities in most cases."
Gordon also asserts that more businesses approaching them for funding advice require a turnaround strategy to first be put in place, to improve their chances of securing finance. He continues: "The most common problem we're seeing is mounting VAT and PAYE debt.
"In spite of this problem, where there is a strong business case, we are often able to agree a time-to-pay with HM Revenue & Customs on behalf of a company. Our experience shows this action is often enough to put the business back on a surer footing, and better positioned to approach funders for finance."
Leonard Curtis re-launched the LC Factoring Advisory Service at the beginning of the year to guide companies through the complex asset based finance market, offering free and confidential advice to match clients with factors best suited to their specific needs.
To contact an advisor, call 0161 831 0247.
17/02/2009
Lack of awareness leads to slow uptake of the government small business loan guarantee scheme
The lack of knowledge in the small business community about how to access the Government's £1.3bn loan scheme, the Enterprise Finance Guarantee (EFG), is partly to blame for the slow uptake, according to LC Corporate Strategies, the turnaround arm of national corporate recovery firm Leonard Curtis. Stephen Fern, Director at LC Corporate Strategies, also believes low understanding and awareness within the banks is limiting its availability.
A survey by the Financial Times (FT 16th February 2009) indicated that approximately £12m of the Government's £1bn provision has been lent so far to small companies.
Commenting, Stephen Fern said: "The problem for owner managers is that they are not sure how to apply for these funds or how best to prepare their business case. We're talking to many business owners who have approached their bank to find that their client relationship manager does not know how to advise them.
"There is a willingness to help but the lack of awareness and understanding is proving a real barrier."
Fern continues: "Corporate turnaround advisors can help, as they are experienced in preparing a strong business case and applying for funding on behalf of distressed companies. They are also familiar with the bank small business finance teams and are well placed to identify the person responsible for the purse strings.
"It is crucial that communications around the Government's EFG scheme are improved if the SME community is to realise the full benefits."
02/02/2009
Is there anybody out there?
Les Gordon, Director of the LC Factoring Advisory Service, looks at who’s lending and why.
As the banking landscape continues to alter on what is almost a daily basis, we are witnessing the knock-on impact in the factoring and asset-based lending (ABL) sector.
Though at first factoring looked to be the darling of the credit crunch, as many businesses frozen out by the banks turned to this alternative form of funding, the intrinsic links between factoring providers and the financial institutions at the heart of the banking crisis have inevitably resulted in winners and losers.
Factors are dividing into three distinct camps, driven by their ownership, relative liquidity and attitude to risk.
In camp one are the established funders that are still looking for business, though these are becoming far more cautious, and looking for a higher return on capital employed. When assessing new propositions, debtor quality is being carefully analysed, and the balance sheet investigated to ensure the business is sound. Insuring debt (assuming the debtor has maintained a good credit rating) has become increasingly popular and the management team can expect to have the assets of the business revalued on a much more regular basis.
This is all in the name of ensuring a solid lending proposition, which of course has always been the case. However, whereas previously lenders would sometimes be content to secure funding against background securities, such as private property belonging to the business owner(s) for example, this is no longer the case. Funding is provided only if the lender is comfortable with the quality of the debt, the strength of the balance sheet, and the ability to collect out should the business fail.
Even these funders are finding cash can be tight as their existing clients draw down more money due to lengthening debtor days, and less is available for new business.
In camp two are those factors and ABLs that have effectively closed the doors to new business. These funders are looking only to manage the existing book and service current clients with available funds. The fear of a longer and tougher recession in the UK and a spate of insolvencies has led some funders to expect more collect-out situations, making them nervous of increasing risk by taking on new prospects. A number of these providers also operate using funds housed in the US, and as conditions worsen in the US financial sector, funding lines are being cut.
Added to this, is the fact that many factors lend against LIBOR, which at time of writing remains relatively high despite falling base rates. The rates being charged by those factors in camp two mean they have effectively priced themselves out of the market. The fear for this group is that by forcing high margins and closing the door to new business, even temporarily, they will alienate introducers. Longer term, when the market has recovered, these funders may find they have no source for referrals and no pipeline of new business.
The third camp contains the winners in today’s economic climate. These funders are better insulated against the financial crisis, with good liquidity and funding lines protected by a sound parent financial institution. These providers are not only able to take on new business, but continue to offer competitive rates.
As a result, it is these providers that are most able to take advantage of a growing trend. Factoring was typically made popular by small, entrepreneurial businesses with limited cash reserves and modest revenues. However, in the advent of the credit crunch, many larger businesses, with turnover in excess of £10m, found themselves unable to extend loans or overdrafts with the banks. These companies have turned in increasing numbers to the LC Factoring Advisory Service who are passing these leads on to factors and ABLs, looking to capitalise on robust balance sheets and quality debtor books. These businesses represent lower risk lending propositions for funders, and 18 months ago, were the type of companies being romanced by many factors and ABLs. Today it is only those factors in the third camp that are truly in a position to maximise this opportunity.
Though 2009 will undoubtedly be challenging, crucially there is funding available from factors and ABLs, and those that are still able to write business will be very busy. The recession will unfortunately result in more business failures, but there are far more options available to turn a business around, and the mechanics of insolvency are such that a successful outcome for owner and funder is more likely than it was during the last recession. For those factors with a strong funding line and the means to understand and measure risk, 2009 will be a fruitful year, which is welcome news for many an owner manager on the hunt for a cash life line.
19/01/2009
Businesses unaware of help available on PAYE and VAT debt
Businesses with a turnover of £1 - 3m are most likely to suffer from VAT and PAYE arrears, but are failing to take advantage of the help that could be available according to a survey from LC Corporate Strategies, the turnaround arm of national corporate recovery firm Leonard Curtis.
A confidential online survey carried out by LC Corporate Strategies, showed that manufacturing companies are the most likely to suffer from Crown arrears in excess of £200,000, but are least aware of the level of help now available to tackle VAT and PAYE debt. The survey included businesses from a broad range of sectors including; Manufacturing, Printing, Computer services, Engineering, Recruitment, Construction, Leisure and entertainment and Vehicle and equipment hire.
Stephen Fern, Director at LC Corporate Strategies, explains: "As a part of its Pre-Budget Report, the Government launched the Business Payment Support Service, an initiative to encourage companies to be more proactive when faced with Crown arrears of £10,000 or less due to short term cash flow pressures. At the first signs of trouble, owner managers should be making the most of this service.
"If the arrears are in excess of £10,000, or the problems the business is facing look more endemic, managers should be seeking advice as early as possible. Most recovery and turnaround firms offer free hour advice sessions, and some have extensive experience working with HMRC to help struggling businesses negotiate time-to-pay arrangements.
"We have successfully negotiated on behalf of a number of clients, where we can demonstrate a business has a viable future with the continued support of key stakeholders. Once a payment plan has been agreed with HMRC it allows the management team to focus on running the business and achieving their forecasts."
For more help and advice on Crown arrears visit www.corporatestrategiesplc.com
08/01/2009
30% year on year increase in enquiries for LC Factoring Advisory Service
The LC Factoring Advisory Service, one of the UK's central resources for factoring advice, has recorded a 30% increase in enquiries in 2008 over the previous year, and a jump in the level of demand for alternative forms of finance from larger businesses with turnovers in excess of £20m.
Les Gordon, Director at the LC Factoring Advisory Service, comments: "The liquidity problem affecting many of the banks has meant that alternative forms of funding, such as asset based finance and factoring, have become more popular than traditional lending for many small and medium sized enterprises (SMEs), and also interestingly, larger businesses that are new to the invoice discounting market.
"This increase in demand is being met with enthusiasm from most asset based lenders (ABLs). We've managed to convert more than three times as many enquiries into deals versus last year, and 1 in 4 deals are currently being underwritten by ABLs."
The LC Factoring Advisory Service, a part of national corporate recovery firm Leonard Curtis, has invested heavily in its online presence during 2008 and plans to increase this in 2009. Gordon continues: "Our web service allows owner managers to ask questions and carry out initial fact finding confidentially, safe in the knowledge they won't get a phone call unless they ask for one. If a follow-up call is requested, people are put straight through to a specialist advisor.
"We also continue to operate a commission free model for referrals, which is appealing to our introducer community."
Leonard Curtis re-launched the LC Factoring Advisory Service at the beginning of the year to guide companies through the complex asset based finance market, offering free and confidential advice to match clients with factors best suited to their specific needs.
For more information, or to contact an advisor on 0161 831 0247.
05/01/2009
Owner managers face rent and tax arrears in January
Many businesses will face increased pressures on their cashflow in January with quarterly VAT payments falling due, coinciding with their rent payment warns Stephen Fern, Director at LC Corporate Strategies, the turnaround arm of national corporate recovery firm Leonard Curtis.
"With the expectation of reduced sales in December due to the economic climate and Christmas shut down of many businesses and industries, there will be a greater stress put on a company's cashflow," says Fern
Fern is urging owner managers and directors to pro-actively raise any issues with payment to HM Revenue and Customs (HMRC) and their landlords early. He continues; "Creditors are more likely to be understanding of payment problems if you approach them at the earliest sign of trouble. For instance, HMRC now operates a Business Payment Support Service, to assist those companies with short-term cash flow problems and a relatively low value of arrears by spreading their payments over a period sustainable by the Company. Similarly, a landlord would rather retain a tenant than have an empty property, particularly at the moment, which may allow some flexibility in payment."
LC Corporate Strategies works closely with HMRC and businesses struggling with significant VAT and PAYE arrears, assessing a company's viability and presenting achievable forecasts with a proposed payment plan included to secure a time-to-pay arrangement.
Fern concludes: "The most important thing for owner managers to remember is to take action early. The current climate means customers, suppliers and trade insurers are far more sensitive to any problems; far better to take control of the situation so you have time to fix it, than risk someone else taking control away from you and presenting you with a winding up petition."
For further information on turnaround techniques and advice on HMRC arrears visit www.corporatestrategiesplc.com