Corporate insolvency is a serious state of affairs for a business director as it often involves bankruptcy on a personal as well as a corporate level. It is difficult, sometimes, to know which way to turn for help. The first step should be to get expert advice to help you deal with the problem. We at Cooper Matthews have many years experience of examining business debt and devising solutions.
There is also some good news in that the government is keen to support small to medium sized businesses, and as such the Department for Business, Innovation and Skills has launched policies to improve access to finance for this sector and help ward off corporate insolvency.
The Enterprise Finance Guarantee will make £2 billion available over the next four years to businesses that have no collateral or credit history. £200 million in equity investments is promised to those with the highest growth potential over the next four years. £1.5 billion is dedicated to the Business Growth Fund and a new lending code with the banks is being sought.
This should be good news for the 4.8 million UK small to medium businesses, which the government believes are at the heart of the economy. They provide 60% of private sector jobs and over half the turnover. Unfortunately, of the estimated 67% who are eager to expand their workforce, only 20% achieve this every year.
We at Cooper Matthews are wholly supportive of the government’s efforts but we are also realists. Our services are designed to support the numbers of businesses who find themselves in difficulty.
Business bankruptcy; corporate insolvency;