Seeking advice early is paramount
3 October 2018: At BRI Business Recovery we always recommend that, if a company is experiencing financial pressure, early advice is sought which will enable all options of recovery to be considered and, hopefully, without formal engagement of BRI.
BRI’s current internal statistics evidence that only 17% of enquiries result in a formal engagement and this is a direct result of seeking advice early.
Whilst, on occasions, there may be a need to instruct BRI, we will always provide advice and assistance to ensure the timing is in the best interest of creditors. An example of this is our instruction as liquidators of a construction company based in Northampton. The director sought our advice a year prior to our appointment. At that time company debts were circa £3.5M.
The company had significant retention sums due and work-in-progress (“WIP”). An immediate appointment as liquidators would have substantially reduced realisation of the retentions and, of course, WIP would not have been completed. At the date of our appointment, the majority of retentions had been received and WIP completed with creditors owed just over £1M.
Should your company be experiencing financial difficulties, please contact any of BRI’s management team immediately to see if we can help you avoid being one of 17%.