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Self-Help Advice during the COVID-19 period

As a business owner there are a number of things you can do to improve your own situation and we have listed below a number of areas for you to consider.

It remains unclear how long the lockdown period will last and therefore the key focus should be on preserving cash wherever possible:

Act quickly and communicate with creditors

There is no benefit in delaying contact with creditors. Explain the situation and what you are doing about it. Don’t make false promises but where you can, state your intention to pay; how much and when.

Only offer to pay what you can afford

Be realistic about what can be paid, a failed promise may make result in an acceleration of creditor action.

Treat creditors equally

Where possible, make payments to creditors on a pro-rata basis and avoid the temptation to pay those who are shouting the loudest.

Chase your debtors

Chase anyone who is overdue for immediate payment and send a statement to everyone who is due to pay.

Review expenditure with a critical eye

Cancel all discretionary spend and delay any supplier deliveries which are not immediately required.

Employees

Check your employee contracts to see if there are options to introduce short time working or temporary lay-offs. These websites may be useful:

Insurance

Review your policies or contact your broker to see if you have any business interruption insurance – if so notifying them immediately that you wish to make a claim

If you are not sure what to do, or need further assistance in any area, don’t hesitate to contact Bridgewood on 0800 987 1010 or by using the contact form below.

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Bridgewood is a trading style of Bridgewood Financial Solutions Limited (Company No: 06957765). Registered Office: Poynt South, Upper Parliament Street, Nottingham, NG1 6LF. Registered in England and Wales.

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Paul Mallatratt (Licence No. 2039) and Louise Freestone (Licence No. 2030) are licensed to act as insolvency practitioners in the UK by the Institute of Chartered Accountants in England and Wales and are subject to their Code of Ethics, available in English at www.icaew.com[...]code-of-ethics-d

In carrying out the regulated profession of Insolvency, the firm is subject to the Insolvency Regulations and Guidance Notes at www.icaew.com/insolvency and the Statements of Practice at www.icaew.com[...]insolvency-regulations-and-standards