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Created with Fabric.js 1.4.5 FREEPHONE: 0330 660 701 Liquidation, Insolvency & Business Turnaround With over 20 years experience in the business turnaround industry we have held meetings with thousands of company directors and business owners who had failing businesses. At those initial meetings our primary task was to establish what the business owed to their creditors, 90% of the time our clients were unable to provide an exact figure or even one that was close to the amount that was actually owed.The main problem is that when company directors and business owners alike are trying to save their businesses they find that they spend most of their day worrying about the problems rather than looking for the solutions. As a result of this they may start speaking to creditors with less confidence (or even worse, they may ignore their calls altogether) and debtors more aggressively. Of course, more often than not, as a result of this employees may become aware of what is going on and that affects the moral within the organization.The result of these specific problems is that because the company directors or business owners are busy fire-fighting they are not earning, which compounds the financial position of the business. Broken promises to creditors are a clear warning sign that the business is in financial difficulty and the creditors start to become more aggressive in their pursuit of collecting any monies owed to them, debtors can tell when someone is desperate for money and sometimes think that if they can hold off paying or even dispute the debt that the business may fold and therefore they won't have to pay at all. The most serious problem is the moral of staff, if a staff member believes that they could be potentially out of a job due to the failure of the business they can become less productive or even start looking for other employment.In these situations it is important for the directors to remain focused on the problems at hand. A clear indication that things are going wrong is any of the above mentioned specifics. At this point it is imperative that they seek professional advice and below are our ten top tips for such situations. Top Ten Tips For Businesses in Trouble
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