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Business or company rescue can take any number of forms, but overall the meaning of company rescue or business recovery is to bring about a business turnaround in order to avoid a formal insolvency process.
The importance of a good business recovery strategy
Company rescue is always more successful if the business looking for a business recovery has set itself a business recovery strategy to follow.
- a business recovery strategy may involve a formal procedure, but this does not necessarily have to be a formal insolvency procedure;
- for example, company rescue can involve a company in a business turnaround entering into a company voluntary arrangement with its creditors which will allow some breathing space for the company to repay its debts and look at a full business turnaround with the idea of a company rescue.
A voluntary arrangement takes the pressure off a business restructuring and is more conducive to company rescue.
Other rescue options and tools available for you
There are any number of other company rescue tools, depending on what the problems are within the business. It is always advisable for a business facing financial issues and looking at a business recovery or business turnaround to speak to a business rescue expert about the options available for the particular company involved.
A business rescue expert will look at various matters such as
- cash flow;
- employees;
- and management structure,
and will help to answer the question of how can you prevent a business from failing. They will talk to you about a business recovery strategy to bring about the business turnaround and business recovery in as short a time as possible, to avoid disruption to the business and reputational damage and to allow for a successful company rescue.
Contact our team of friendly experts at Francis Wilks & Jones to discuss business recovery strategies for your business and where we may be able to help your business turnaround to a company rescue situation.
