Any business facing financial difficulties can often resolve these faster by engaging the services of a certified turnaround professional – someone with the skills and experience to find innovative and creative solutions to their problems. Don’t wait until the bank steps in.
It is vital for any business in difficulty to create their own strategy using their own advisers.
Banks are usually the ones who are perceived to be controlling what happens when a business gets into difficulty. They will typically engage an accountant to carry out a review to determine the value of their security and how much support they should provide the business. It isn’t surprising that company directors can feel unsure whether accountants are acting in the best interests of the bank rather than the business the directors are trying to save.
This traditional approach limits the range of potential strategies to take the business forward.
As a result of my extensive experience in the turnaround sector I have become the UK’s first solicitor to become dually accredited as a Certified Turnaround Professional. This means I can provide advice on not just the legal position, but a range of other turnaround and financial matters relevant to helping businesses in difficulty.
Many lawyers in the corporate or banking field will approach business issues as legal problems, requiring legal solutions. I seek broader solutions to problems, whether these are legal, financial or otherwise. The breadth of skills and expertise at Muckle means we can help businesses take control earlier and devise their own strategies. If the directors drive the process they retain control of the strategy and give their bank greater confidence for a positive outcome. This is precisely what banks want to see happening.
Clients often approach us to ask for a solution once they have defined what they think the legal problem is. However, engaging a turnaround specialist earlier in the process is usually a better approach. If they speak to us early, more options will remain available for support and recovery to help turn their business around and avoid the adverse consequences of financial failure.
For more information, help or advice on any turnaround issue please contact Andrew Cawkwell on 0191 211 7957.