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16th July, 2020 by Carl Mifflin
Carl Mifflin, Partner and Head of Restructuring and Insolvency at Howes Percival, considers the challenges facing businesses as we emerge from lockdown.
As we emerge from the COVID lockdown, businesses face an even greater battle to survive. As well as the tapering off of Government financial support for furloughed workers, consumer confidence is unlikely to return to the pre-COVID levels immediately and companies therefore face the challenge of having to re-open and incur overheads with substantially reduced turnover. It is therefore essential that directors take a realistic look at the short to medium term viability of their businesses and, where appropriate, seek specialist restructuring advice. Key factors to consider include:
Fundamentally, these are just some of the key factors you should be considering now in order to assess whether your business requires specialist restructuring advice. It may be that a formal insolvency process is not required, and that a solution can be achieved by considering refinance options and/or renegotiating terms with key creditors and stakeholders. By taking a robust and realistic look forward and seeking the right advice now, there are more options available to businesses in order to survive this crisis.
Howes Percival’s Restructuring Team has significant experience of advising businesses on the steps they can take to restructure their business to navigate through periods of financial stress. Recent examples directly arising from COVID include:
For more information please contact Carl Mifflin: [javascript protected email address] or 0116 247 3577.
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To contact us, please fill out this form and we will get back in touch as soon as possible. Your personal data will be processed in accordance with our privacy policy which can be found here.