In these uncertain and unprecedented times, there are many issues facing individuals, companies, directors, owners and professional advisors. Accountants working with SMEs face increased enquiries from their clients on two fronts. First they face requests to try and make sense of the government announcements regarding financial assistance to ascertain whether the client is eligible and, if so, how to access it. Second, in smaller clients there may only be a bookkeeper so the director will seek someone else to bounce financial ideas off, often the accountant.
Notwithstanding the larger administrations that are making the headlines (many of which already had severe underlying financial issues) this is not a time when large numbers of formal insolvencies are best for anyone. With no trading possible many IPs will struggle to sell assets at what their value would have been in more usual times. This is particularly undesirable where a business was viable but for the drop in income the current lockdown has caused; nobody benefits from such a company entering formal insolvency and the assets being sold for next to nothing and employees and creditors receiving nothing and the business disappearing.
We believe the most important thing right now is to try and help as many people and businesses through the crisis as possible. In order to aid this Andrew Goodson, one of our qualified and licensed insolvency practitioners, is happy to discuss any issues you may have. There might be concerns from a director about paying creditors, or an accountant might have received a query from a client they would like to talk through before replying. Whatever the reason, he is happy to help.
Andrew Goodson can be contacted either by email or on 07792 454526