"Giving the right advice, first time, every time"

HELPING WITH COVID-19

BRI Business Recovery and Insolvency

We are an independent company of insolvency practitioners committed to finding the right solutions for businesses and individuals in financial difficulty

Overview & how we can help

We are specialists in advising on how best to cope in a financial crisis. Clearly these are unusually interesting times – with the added concern that there is no clear exit/end date in sight. Most businesses and individuals will be feeling the negative impact of the current pandemic and you will not be alone.

As usual, we are providing free initial advice to help businesses and individuals understand their financial position and discuss their options. Most of the time our formal services are not needed and we will still inform you of your options if this is the case; we pride ourselves on giving the right advice first time, every time.

During this difficult period, we have received numerous calls from people worried about their financial position as a result of the Coronavirus and, whilst life is slowly getting back to normal, we may all be in the same storm but we are all in very different boats. The circumstances we face will all be different but we will always look for the best outcome for those we help, irrespective of the fee outcome for ourselves.

Talking with people and being as honest and straightforward as possible remains the way to go and is how we have always been. Looking for a win:win outcome is generally the best way forward and will ensure you keep your business relationships for the future when the world is back on a more even keel.

Government support schemes:

The amount of financial support the Government has introduced since March 2020 in order to help businesses has been vast.

If your business has received any Government backed support, such as Bounce Back Loans (“BBLs”), Coronavirus Business Interruption Loans (“CBILs”), furlough or any other scheme, you may be in the position in which repayments are now due.

We have received many enquiries regarding businesses and their inability to repay the loans and, as we say to all directors of businesses, seeking advice early is always the best thing you can do. The earlier the advice is sought, the more chance your business has of recovering.

If you are in financial difficulty as a result of Covid-19 there are options available and we are here to help you know what these options are.

The basics:

Whilst you may be experiencing financial difficulties, no matter what these difficulties are, the basics remain and below is a guide, which may be of some help to you.

  1. Try to keep calm and carry on – the goalposts continue to move. A new order is slowly revealing itself. If you had a good business before the various lock downs then chances are good that people are still likely to need the services or products you provide – we can help you “hang in there” in the meantime and there are recovery options available if required.
  2. Put your people first – keep acting on the Public Health England recommended precautions, and any special precautions that may apply in your area, to help prevent the spread of disease. Know which of your people perform which critical task and consider what might happen if they are unable to work – consider how best to mitigate the consequences of their absence.
  3. Cash is reality – update your cash flow forecasts in light of Coronavirus. When will the cash run out on current forecasts, what can be done to mitigate this?
  4. Costs – spend only on what is necessary. Put “nice to have” on hold, only fund “need to have”.
  5. Be flexible – how can you work more flexibly, reduce capacity, change your offer, etc.?
  6. Contemporaneous notes – in fast moving times change is the only constant. A good decision today may look unwise tomorrow – people looking back will have the 20:20 vision of hindsight. Keep notes as to why and what you are doing is business critical, why it is in the best interests of creditors.
  7. Identify key suppliers – what happens if they fail? Identify alternatives.
  8. Identify key customers – what happens if they fail? How can you best support customers without putting yourself in danger? Look for win:win.
  9. Get advice – trading in the twilight zone is notoriously tricky – currently never more so. Personal liability can occur as a result of Directors allowing their company to:-
    1. Trade while insolvent (wrongful trading in particular) (slightly changed by new law);
    2. Enter into transactions at an undervalue;
    3. Prefer one creditor or creditors to others.
  10. BRI are here to help. Talk to us. Just talking things through can help make a difference. We remain happy to have conversations with people about their specific circumstances without initial cost or commitment. All it will take is some time.

If you still find yourself asking questions please feel free to contact us using the details below; we are here to help.

  • info@briuk.co.uk
  • Northampton: 01604 754352
  • Banbury: 01295 272121
  • Coventry: 02476 226839
  • Hitchin: 01462 429718
  • Milton Keynes: 01908 317387
  • Spalding: 01775 741020