-
Business debts strangling the company?
-
Using personal credit to keep the business afloat?
-
Tied into unmanageable lease or rental agreements?
-
Strong order book but crippling overheads?
-
Worried about personal assets & guarantees?
-
Need to make staff redundancies?
Businesses and homeowners form the backbone of our borough and contribute significantly to the economic prosperity and well-being of the community. We have entered a new climate over the past three years (which has proved challenging enough), and the outlook for the future is yet more difficulties ahead for both homeowners and businesses alike.
In response, Basingstoke and Deane Borough Council is adapting its thinking and strategy regarding the help given to the business community; and to those dealing with debt problems generally.
Underneath it all is the unsecured debt issue and the impact it has on the borough generally; and more importantly the impact it has on the behaviour towards secured liabilities.
For example, if your business is in financial difficulties, your home may be at risk because of a secured loan registered against it. Quite often, the fear of losing the home is the driver for further borrowing for the business - in the hope that things will improve, rather than reviewing the business position as a whole.
You may also be faced with the difficult decision of making staff redundant and they will need specific advice tailored to their own particular set of circumstances; and how to form a plan to deal with them.
With these factors in mind, Basingstoke and Deane Borough Council has taken a strategic direction on the subject by specialising through knowledge and networking with some of the major banks, litigation and insolvency specialists.
Some of you may find the thought of insolvency frightening because you have been told that you will definitely lose your business, your home, your car and your possessions.
This is totally untrue. Each situation is very different and there are many, many ways of resolving each one. Pre-pack insolvency for example, is one way of restructuring the company debt in order to continue to trade without disruption to customers, staff and reputation.
Attached below are just a few examples of different solutions that worked for different situations.
The council provides a free and confidential advice service from our highly experienced specialist, Mark Fisher, who can help you to form a plan based on your specific situation. Mark worked for many years in the manufacturing industry as a trouble-shooter for global companies (such as 3M and Racal Electronics) in the UK, Isle of Man, Europe and North America.
You can either contact the council on 01256 844844 or contact Mark at mark.fisher@basingstoke.gov.uk or direct on 01256 845301 to discuss your circumstances.
We will ensure that you and your employees have access to everything you need to know about business debt, Pre-pack insolvency, mortgage arrears, bankruptcy, repossession, benefits…
…and how to resolve or minimise its impact on both your business and your personal life life.
