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Make the best choice you can before there is no choice

08 June 2016

There are many ways for your company to be in financial difficulty. You may have been the cause, or you may not. What’s vital now is that you recognise you have a dangerous problem and choose to do something about it while it’s still possible. Not only to make a choice, but to make the choice that’s best for you in your particular circumstances.

If you can see your company is unable to pay creditors as and when accounts are due, then you should also see that it is important to make the best choice in a bad situation.

Having invested much time, effort and money into your company, the nagging question when things go pear-shaped, is “can I save it?” and the question depends on how soon you face the question. Procrastinate in seeking advice, and the question may no longer be “can the company be saved”, but “can I save my house”.

Too often company directors hope that a way out of their problems will suddenly appear. Chances are it won’t.

Seek advice early.