14 December 2022: Indeed it is and why not. It has been stated in several recent articles that due to current economic conditions, 2023 is expected to see many company failures. Though some may say this is good news for us, we are very aware these are difficult times for many.
Such economic conditions were highlighted during a recent telephone call with a regular contact. The call was from an accountant with a clearly insolvent client who had little option but to be wound up. During the call we were able to illustrate exactly the type of service we provide and approach we take at BRI.
Now, unfortunately this isn’t a story of a Christmas miracle with BRI guidance enabling a turnaround in fortunes, all creditors paid, a sizable profit made and tiny Tim surviving the winter. It is however, a story of how BRI do not divert from their promise to contacts; to give the right advice first time every time regardless of the fee outcome for us.
The company in question had an outstanding bounce back loan along with a few other creditor pressures and very limited assets with which to find a solution. Nevertheless our advice to the accountant encompassed all of the available options, along with the relevant costs, timings and chances of success of each. Ultimately a way forward for the company was recommended that did not involve the services of BRI.
The accountant was very grateful that we were prepared to consider all options, provide details of likely outcomes for each and, most critically, were prepared to recommend a solution which did not involve a fee being payable to us. One potential liquidation appointment (and therefore fee) lost, maybe, but the accountant ended the call by stating that this type of advice is exactly why we will always be the first port of call when any of their clients are in difficulty.
A little self-congratulatory perhaps but the example above is how BRI always approach a new enquiry, hence why we remain a useful and helpful critical friend to our contacts.