Anticipating a spate of insolvencies this year as we continue to grapple with the economic fallout of the pandemic, William Buck has created a series of videos to demonstrate how our fully integrated model can save many of these businesses.
With the recent expiry of the temporary insolvency measures, and JobKeeper set to end in March, experts believe tens of thousands of businesses will collapse this year.
Combine this with the recent changes to the insolvency framework which will allow for the faster wind-up of some small businesses, and we’re likely looking at a significant spike in the number of failed businesses in 2021.
Of course, this will have a knock-on effect to the economy, driving an increase in bankruptcies and leaving many commercial landlords without tenants.
Sean Wengel, Director of William Buck Restructuring and Insolvency said this is why it’s important to seek advice from insolvency experts as soon as possible.
“Seeking advice as early as possible gives you the best chance at saving your business as well as your own financial liability if you’re a director of a struggling company or one that might be affected by the failure of others,” said Sean.
“In six months’ time, without help now, liquidation might be the only option.”
William Buck’s Business Health and Recovery video series, which can be found on the William Buck website here, explains how the firm’s fully integrated service model offers something other insolvency firms can’t.
“We’re able to draw on the full resources of the firm’s corporate advisory, business advisory, tax, wealth management and audit specialists to ensure a holistic approach to the restructure, sale or revival of your business,” said Sean.
This ensures tax effectiveness, regulatory compliance, and far greater access to funding resources like private equity firms and personal investors that could step in and save the business.
Check out the video series here hosted by our restructuring and insolvency experts, for tips on how to identify serious issues in the business and information on the range of options for business owners and directors when they’ve approached the experts early.