6 March 2017: Alan Limb from BRI’s Southampton office explains how we are sometimes asked to assist in the most unfortunate of circumstances.
In recent years we have been approached to assist with number of companies that are insolvent following the sudden death of their director. In these situations a great challenge is often obtaining a full picture of the company’s finances from the deceased’s family members, who may have had little involvement in the business previously. In one example a wife had always believed her late husband’s assurances that the company was profitable until she discovered a pile of unpaid invoices hidden in his car that he had felt unable to tell her about. Things were made worse by the realisation that he had provided personal guarantees to some of the suppliers whose invoices were unpaid.
In all cases we approach our work with empathy and understanding. However, in these situations we recognise that coping with the loss of a loved one is as much of a priority for those left behind as dealing with the deceased’s financial affairs. We provide support without intruding and have often found that creditors are more willing, than would normally be the case, to agree to pragmatic and commercial solutions that allow everyone to move on.
If one of your clients is having to deal with the loss of a loved one and the financial problems they have left behind, please contact a member of the experienced BRI management team at one of our offices for free, confidential, no obligation and independent advice.