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Cooper Matthews Ready to Help Companies Threatened with Winding Up Petitions

Sunday, July 24th, 2011

Cooper Matthews, a leading provider of business debt advice and solutions for small to medium businesses requiring financial advice, are offering their expert services to businesses that have been threatened with or received a winding up petition.

‘Winding up’, or ‘compulsory liquidation’, is a process that leads to the closure of a limited company at the behest of one or more of its creditors. A petition can be made for a company to be wound up if the creditor is owed as little as £750, and if it is accepted the consequences can be disastrous. Thus, it is vital that any company facing such action seeks out help as a matter of urgency.

As specialists in company rescue, Cooper Matthews are able to act on the behalf of businesses facing winding up petitions and request that the court put a hold on advertising the petition. It is also possible for Cooper Matthews to ask that the court postpone the publication of the winding up order in the London Gazette in the event that a client disputes the amount they owe.

“The threat of a winding up order can be extremely stressful for any business,” commented a spokesperson for Cooper Matthews. “By requesting a delay from the courts we can provide a temporary respite by delaying an impending compulsory liquidation from being advertised and therefore preventing our client’s bank account from being frozen. We urge anyone who has been threatened with or has received a winding up petition to get advice from a dedicated business debt advisor at the nearest opportunity.”

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Cooper Matthews Comment on HMRC’s Time To Pay Scheme

Friday, June 24th, 2011

Cooper Matthews, a leading provider of business debt advice and solutions for small to medium businesses requiring financial advice, comment on the HMRC’s decision to wind up their popular Time To Pay scheme which has helped many businesses through economic difficulty.

Time To Pay (TTP) allowed viable businesses to defer tax payments through the economic downturn. Businesses who are unable to pay on the due date to make payments over a period they can afford. However, over the past 12 months, the number of scheme arrangements agreed by HMRC has dropped 43% from 57,800 to 32,900 in the first quarters of 2010 and 2011. The number of rejected applicants rose by 50% over the same period.

TTP is only granted when a business offers the best payment plan they can afford realistically, and the TTP period is as short as possible. Businesses are often asked to apply for bank loans or make a tax payment with a credit card before becoming eligible for the scheme.

“Payment terms are becoming more stringent, with businesses being offered shorter payment plans, two-thirds of which are now three months or less,” a spokesperson for Cooper Matthews commented. “It is worrying that these figures show HMRC is winding it down at a time when businesses are clearly still struggling. We may not technically be in a recession, but a look at the six month trend shows growth is flat-lining. If the scheme does wind down, companies could be looking at more business debt accruing over coming years.”

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Cooper Matthews Comment on Silentnight Seeking a Company Voluntary Arrangement

Monday, June 13th, 2011

Silentnight, one of the UK’s most successful bed manufacturers, have been forced to seek a Company Voluntary Arrangement (CVA) after the company’s growing debts led to banks refusing to renew their existing loans.

Silentnight’s chief executive claims that the company continues to make profits and generate cash, but that pension liabilities dating back to acquisitions made during the 1980s and 90s have rendered its debt unmanageable at the current time.

A CVA would enable Silentnight to receive an immediate injection of cash and continue trading, and Cooper Matthews, a leading provider of business debt advice and solutions for small to medium businesses, hope that the story will encourage many of the smaller businesses that are struggling in this difficult economic climate to consider a similar course of action.

“We never like to see any company suffering cash flow problems, regardless of their size,” commented a spokesperson for Cooper Matthews. “But we would like to think that seeing such a long-established and renowned company such as Silentnight making use of debt rescue services will show owners of smaller businesses that there is no shame in seeking out help.

“Unfortunately there is a stigma attached reaching out for assistance with financial problems, but the reality is that business debt services from experts such as us at Cooper Matthews can be the difference between a company falling into bankruptcy or recovering and establishing a sustainable business model.”

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Cooper Matthews Can Help Convert a Personal Guarantee into a Bank Loan

Thursday, April 21st, 2011

Cooper Matthews, a leading provider of business debt advice and solutions for small to medium businesses requiring financial advice, can help a company director convert a personal guarantee into a bank loan should they go into liquidation or pre-pack administration.

Cooper Matthews is a business debt advice specialist that can provide support and guidance to small and medium size companies. Cooper Matthews can help any company with an annual turnover of £50,000 to £10 million, and can provide business solutions, such as winding up petitions, voluntary liquidation and time to pay arrangements.

When a business goes into liquidation or pre-pack administration a company is required to fulfil the personal guarantee which is commonly signed by the company director. Cooper Matthews have successfully negotiated with banks to help companies in similar predicaments to convert their personal guarantee into a loan.

A spokesperson for Cooper Matthews commented: “Over the years we have helped many of our clients convert their personal guarantee into a business loan which has helped a company director to personally repay any company debts. Our services can also help to ensure personal assets are not seized by the bank. We have a range of highly qualified business advisers that have experience in business financial problems and are dedicated to ensuring our clients receive the best service for their needs.”

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Cooper Matthews Predict Double Dip Recession

Friday, March 18th, 2011

Cooper Matthews, a leading provider of business debt advice and solutions for small to medium businesses requiring financial advice, comment on the increase in fuel and food costs which they predict could lead to a double dip recession.

Cooper Matthews are leading experts in business recovery services which can help a company avoid administration or other financial difficulties. Cooper Matthews understand that the recent economic downturn has left companies struggling to create a high turnover, manage their finances or pay creditors, which is why they are passionate about helping small and medium sized businesses with effective business plans which will vary depending on an organisations’ situation.

With many banks and building societies refusing to provide business loans to companies across the UK, various organisations may be struggling to recover from the aftermath of the recession. Due to the latest increase in fuel and food prices, many small businesses may suffer as a result. Cooper Matthews recently predicted that the UK will be subject to a double dip recession due to the increase; therefore, they can offer personal business debt advice and debt management plans which can help to create a productive and profitable company.

A spokesperson for Cooper Matthews commented: “While many have predicted economic growth in 2011, the recent increase in fuel and food costs could force many small businesses into administration should the UK face a double dip recession. Here at Cooper Matthews we are a dedicated debt rescue company with a wealth of experience and knowledge in effective business solutions, which is why we can provide business advice and company debt rescue services to help many businesses get on the road to recovery.”

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Cooper Matthews Warn of the Dangers of Winding Up Petitions

Friday, March 18th, 2011

Cooper Matthews, a leading provider of business debt advice and solutions for small to medium businesses requiring financial advice, warn of the dangers of Winding Up Petitions.

Cooper Matthews have extensive experience in providing company debt rescue services to small and medium sized companies. Cooper Matthews can also provide practical advice which can help prevent business insolvency or other financial difficulties. Due to Cooper Matthews’s expertise and business solutions, many companies have recovered from financial issues and have ultimately turned their businesses around.

Winding Up Petitions allow one or more creditors of a business to engage in the process for forced closure of a limited company. Cooper Matthews recently warned of the dangers of Winding Up Petitions, as a company’s bank account will be frozen immediately following the advertisement of the Petition and cannot be accessed before a company can defend their case. Cooper Matthews, however, can obtain a Validation Order for their client to reinstate their bank account.

A spokesperson for Cooper Matthews commented: “Winding Up Petitions can ultimately have disastrous consequences for a company, as they can freeze all company assets and bank accounts. Winding Up Petitions can also result in employees being left unpaid and could leave a business in a state of disarray once the court case has ended. If a Petition is ignored, the directors will have to attend an interview with the Official Receiver. Here at Cooper Matthews we understand the dangers Winding Up Petitions could present, which is why we can provide expert advice for stopping a Petition being advertised or can help a company obtain a Validation Order which can reinstate their company bank account.”

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Cooper Matthews Comment on the Benefits of CVA

Friday, March 18th, 2011

Cooper Matthews, a leading provider of business debt advice and solutions for small to medium businesses requiring financial advice, comment on the benefits of a Company Voluntary Arrangement for a business struggling with debt.

Cooper Matthews is a leading business debt rescue service company that can provide a variety of business solutions which can help a company avoid financial issues which may result in business insolvency or increased arrears.

Cooper Matthews recently commented on the benefits of a Company Voluntary Arrangement (CVA) between an organisation and their creditors. A CVA will require a company to make fixed repayments to their creditors that are lower than their outstanding debt. Each repayment will be calculated on a monthly basis and will depend on how much the company can afford to pay periodically; therefore, a debt will be cleared if a company has not finished the repayments by the end of an agreement. In addition, a CVA will prevent a court case and this will enable a business to continue with their day to day operations, remove debt burdens and the directors will be allowed to remain a central aspect of the organisation.

A spokesperson for Cooper Matthews commented: “The recent recession has ultimately forced numerous organisations into administration and many other companies may be struggling to recover from the economic downturn. We are incredibly passionate about delivering a variety of business solutions to ensure a company can recover from their financial difficulties. If a company is worried they may receive a winding up petition or a court summons from their creditors, they should consider a Company Voluntary Arrangement which can help them pay reasonable debt repayments on a monthly basis.”

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Cooper Matthews Provide Restructuring to Keep Businesses Trading

Friday, December 17th, 2010

Leeds, United Kingdom (17 December 2010) - Cooper Matthews are using their company debt rescue expertise to help keep businesses trading through the use of various restructuring processes.

The international credit crunch has starved many businesses of the cash needed to meet operating costs by cutting away traditional funding sources such as bank loans and overdrafts, with even some lending facilities setup before the economic slump being drastically reduced or withdrawn completely.

Property prices have plummeted as a result of the economic downturn, meaning that unless a business owns its properties outright, it is virtually impossible to raise mortgage finance against the strength of commercial property. It’s therefore advisable for a company in financial difficulty to consider restructuring their business model as a means of raising much needed cash.

One option is asset refinance, which involves borrowing against the fixed assets within the business. This is most likely to work effectively in sectors where companies own large assets with quantifiable resale values, such as heavy machinery. The business must completely own an asset in order to raise money against it.

Alternatives for businesses in lighter industries include invoice financing, which allows companies to raise cash based on outstanding invoices, as well as trade finance, where money can be received for up to 80% of the value of a confirmed order that the company would otherwise lack to funding to fulfil.

“Many company directors are being turned down by their banks for finance which is vital for the maintenance and restructuring of their business,” commented a spokesperson for Cooper Matthews. “The worrying thing is that these business owners seem to be totally unaware of the alternative solutions open to them for raising capital.  Many businesses have a wealth of value locked away inside them ranging from the plant and machinery within their buildings to their contracts and the invoices associated with these.

“If directors are looking for ways to finance growth in their business or simply need a way to finance a restructuring solution, in these difficult economic conditions, it is vital that they understand all the options open to them.”

For more information about Cooper Matthews and the business restructuring services they provide, telephone 0800 840 40 42.

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Cooper Matthews Now Providing No Fee CVA

Friday, December 17th, 2010

Leeds, United Kingdom (17 December 2010) – Cooper Matthews are now offering Company Voluntary Agreement (CVA) services with no fee upfront.

A CVA is a legal arrangement between a company and its creditors, which involves the company repaying a fixed amount that is lower than its actual outstanding debt. The repayments are calculated monthly, based on what the business can reasonably afford. Any remaining debt is written off at the end of the agreement, with typically around 45% of business debt being cancelled during the course of a CVA.

CVAs could be an ideal solution for organisations that are suffering with company cash flow problems and coming under pressure from creditors, but whose directors believe they still have a viable future should they be able to navigate through these rough waters. A CVA can also be preferable for creditors, as what a company can afford to pay often amounts to significantly more than what would be received if that company were to go into liquidation.

Cooper Matthews are able to provide initial consultations free of charge, which in most cases will involve a review of the business to establish its full financial state and identify possible solutions. Should it be decided that a CVA is the best option, future insolvency practitioner fees will be deducted from the pre-agreed standard payments, thus making it very rare that directors will need to find additional money beyond the company’s limit.

“By providing CVAs without any upfront payment, we hope to encourage more businesses experiencing financial difficulties to consider a company voluntary agreement as a viable solution to their problems”, commented a spokesperson for Cooper Matthews. “CVAs are designed to allow directors to continue running their business as normal, with a view to improving their position with creditors, prevent court action or a winding up order, and ease cash flow pressures by allowing businesses to continue to trade.”

For more information about Cooper Matthews and the CVA services they provide, telephone 0800 8 40 40 42.

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