Business Support Services
Here is a list of options which will help you restructure and rescue your business.
Restructuring Services
Company Administration
Company Administration is a legal procedure where an insolvent company is placed under the control of an administrator. This process is designed as a means to support the company in a period of financial distress, providing a structured approach to managing its challenges.
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Company Moratorium
A Company Moratorium is a legally sanctioned period where insolvent companies receive protection from creditor actions and legal proceedings, allowing them to restructure and strategies for recovery.
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Company Voluntary Arrangement (CVA)
A Company Voluntary Arrangement (CVA) is a legally binding agreement with your company’s creditors which allows a proportion of its debts to be paid back over time.
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Bounce Back Loan Support
The Bounce Back Loan (BBL) was a UK government scheme aimed at helping businesses impacted by Covid-19. It provided fast, accessible financial support to struggling enterprises.
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Finance Options
As a business consultation firm specialising in aiding companies through financial difficulties, My Business Support understands the critical role of selecting the right financial solutions.
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County Court Judgements
A County Court Judgment (CCJ) is a serious legal matter issued by county courts in England, Wales, or Northern Ireland against individuals or businesses who fail to repay their debts.
Read MoreQuestions & Answers about Business Support
When a business is considering restructuring there are several important questions to work out. It’s always advisable to consult with legal and financial professionals during this process to ensure compliance with all regulations and to handle the process efficiently.
What is a Restructure Plan?
A restructuring plan is a strategic blueprint designed to realign your company’s resources, operations, and financial obligations to improve efficiency and profitability. This plan involves reassessing all aspects of your business; from management practices and workforce alignment to financial obligations and asset management to ensure a more sustainable business model.
How can Restructuring help a company?
Restructuring is a powerful tool for businesses facing financial difficulties. It can lead to significant cost reductions, improved organisational efficiency, and better management of debts and assets. By reorganising your company structure and financial commitments, restructuring helps in stabilising your business, paving the way for future growth and solvency.
Do I need to restructure my company?
If your business is grappling with persistent cash flow issues, mounting debts, or operational inefficiencies, restructuring could be a vital step towards recovery. It is particularly crucial for directors of insolvent businesses to consider restructuring as a proactive measure to avoid insolvency proceedings and protect the company’s future.
How to protect your company from creditors?
Protecting your company from creditors starts with a proactive approach to managing your debts. This involves negotiating with creditors for more favourable payment terms, exploring debt consolidation options, and ensuring that your business complies with all legal financial obligations. Restructuring your business can also create a buffer against creditor actions by demonstrating a commitment to responsible financial management.
How to reduce debts building up for your company?
Reducing your company’s debt involves a multi-faceted approach. Start by conducting a thorough audit of your expenditures and cutting down on non-essential costs. Restructuring debt obligations, possibly through refinancing or renegotiating terms with creditors, can also provide relief. Additionally, improving operational efficiencies can free up resources to pay down debts faster.
what are the advantages of Restructuring?
The advantages of restructuring are multifaceted. It can lead to improved financial health by reducing costs and increasing efficiency. Restructuring can also result in a more agile and competitive business model, better suited to the demands of the market. Most importantly, it gives your company a chance to avoid insolvency, preserve jobs, and lay a strong foundation for future growth.
Authorised by the Insolvency Practitioners Association
Members of the Association of Business Recovery Professionals (R3)
Member of Association of Chartered Certified Accountants
Member of the Institute of Chartered Accountants in England and Wales
Business Support: Glossary
Here is a list of keywords with their description to help you understand the insolvency industry.
A
Arrears
This means being late on payments. If you owe money and haven’t paid on time, you are in arrears.
Asset
Anything valuable that the business owns. This could be physical things like buildings or cars, or non-physical things like trademarks.
Auditors
People who thoroughly check a company’s financial records for accuracy
B
Bankruptcy
A legal status when a business cannot pay their debts. It involves selling their things to pay back what they can, but it also means they get some relief from their debts.
BBL (Bounce Back Loans)
These are UK government loans for small businesses during difficult times.
C
Corporate Taxation
Taxes that companies must pay on their profits.
D
Debtor
A debtor is a legal entity that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person.
Due Diligence Facilitation
Helping with checking details before a business deal.
E
Entrepreneurs Relief
UK tax relief for individuals selling a business.
I
Insolvency Practitioners Association
Professional body for insolvency practitioners.
P
Pre-pack Administration
Selling assets before appointing administrators.
L
Licensed Insolvency Practitioner
Professional authorised to act in insolvency cases.
M
Management Buyout (MBO)
Company’s management team buying the company.
N
Notary Public
Person authorised to witness and certify legal documents.
S
Sale Agreement Structuring:
Documents stating and organising the terms and conditions of a sale.
V
Viability Analysis
Examining if a business can continue profitably.
Helping businesses since 2014
About My Business Support
My Business Support offers a wide range of services, from helping clients stabilise their cash flow by preparing financial forecasts, negotiating with key creditors or raising funding, to undertaking formal insolvency appointments for businesses under more severe financial pressure. We also provide advice and guidance on fraud to help our clients both prevent, detect and prosecute fraudulent activity.
Guest Blogs
Personal Guarantees and Invoice Finance
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Invoice Finance and Management Buy-outs
Invoice finance can be an excellent solution for supporting Management Buyouts (MBOs) or Management Buy-Ins (MBIs) due to its flexibility, accessibility, and ability to provide...
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What are Personal Guarantees & their Implications?
This blog explains Personal Guarantees (PGs) where directors personally ensure company debts. It highlights PGs as lender protection, enabling SMEs to secure finance.
Read moreWhy Choose My Business Support
Whether it’s cashflow problems, refinance, solvent exits or fraud, we’ll help you develop a realistic strategy and manage key relationships. If things come to the worst, we’ll guide you through the challenges of a formal restructuring or insolvency process.
5 Star Rated Customer Service
100s of Business Owners Assisted
Over 10 Years of Experience
Officers Across the Country
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We have an amazing team of insolvency experts who are there to guide you through the process and offer industry-leading advice. Get in touch with us today!