Ill health impacting businesses
1 April 2019: We have recently seen an increase in enquiries from businesses that are financially struggling due to the ill health of the directors and senior staff members. Due to health reasons these members have not been able to give the business the time and attention it needs.
Recently, a director came to us stating that the only liabilities he had was to HMRC; we later discovered that he failed to understand the extent of the business liabilities and he also owed the landlord and suppliers a large sum of money.
The director was later diagnosed with Multiple Sclerosis. The director’s partner was unable to manage the business affairs and care for a sick partner and instructed us to notify creditors of the position and deal with the cessation of the business.
We have assisted companies where the directors have had other health issues such as cancer and other critical illnesses and need to take a significant amount of time away from work.
Due to economic pressures, some directors have been unable to deal with the stress and pressures of running a business and this can lead to mental health issues, such as anxiety and depression consequently leading to insolvent businesses and personal estates. Easing the pressure of dealing with the accumulation of liabilities and creditor aggression gives directors the time needed to pay closer attention to their health.
In such cases BRI have assisted in looking at options of recovery for the businesses. Not only does BRI provide a professional service, we also take into consideration the empathy and understanding needed in difficult circumstances and look at means and ways of dealing with situations to find the right solution.