CORPORATE INSOLVENCY AND GOVERNANCE ACT CHANGES EXTENDED
Changes to the Corporate Insolvency and Governance Act were due to expire on 30 September 2020. These measures from the Corporate Insolvency and Governance Act have been extended to relieve pressure on businesses dealing with coronavirus. These are summarised below;
INTERNATIONAL WOMEN'S DAY, WOMAN OF THE YEAR FINALIST...HERE'S TO ALL THE WOMEN IN BUSINESS!
International Women's Day is a global day celebrating the social, economic, cultural and political achievements of women. The day also marks a call to action for accelerating gender parity.
International Women's Day (IWD) has occurred for well over a century, with the first IWD gathering in 1911 supported by over a million people in Austria, Denmark, Germany and Switzerland. Prior to this the Socialist Party of America, United Kingdom's Suffragists and Suffragettes, and further groups campaigned for women's equality.
Today, IWD belongs to all groups collectively everywhere.
IWD is not country, group or organization specific.
On this day, 8 March 2019, IWD, I am proud to sit here today to be recognized as a finalist in the Woman of the Year category at the Women in Credit Awards 2019, being a founder and director of a successful boutique Insolvency firm, alongside the other remarkable female finalists that include doctors and professors, as well as other professionals. It's not just the celebrities, politicians and activists that impact on the world for future generations, but those that successfully go about their day to day lives. Here's to all the women in business today!
...CONFIDENTIAL BUSINESS SUPPORT AND ADVICE TOO
With this post we wanted to highlight some of the other important services we offer, when directors and partners of companies need financial and business support.
CASE STUDY - HOSPITALITY CLIENT & BANK LENDING
The client will remain anonymous, as the services provided were business support and advice and not a formal insolvency. This particular client was within the hospitality sector, although these services can apply to any.
In November, a restaurant/hotel had breached its overdraft limit, and was struggling to manage cash-flow with the limits of the agreed overdraft, as a result the owners of the business had been requested by the bank to undergo a independent business review in order for the bank to assess whether the business was insolvent or whether they would be prepared to continue supporting the business, and if so on what terms.
The key issues were;
As such the owners felt an overdraft of £50,000 was required short term to see them through over the Christmas period and low season, compared with an agreed overdraft facility of £20,000.
LM Insolvency & Advisory Limited carried out a review of the business and possible improvements, cost savings and management of the cash flow. The outcome was to reduce the lending requirement to a peak of £40,000, in addition the review was able to provide the bank with comfort of the business's ability to repay the overdraft during the forthcoming peak season.
Alternative options including other lending and formal insolvencies were discussed with the owners and considered so that an informed decision on the way forward could be made.
The final outcome was an agreed temporary overdraft with the business's current lenders for the £40k to April 2019, providing the owners with certainty of trade over the Christmas period and the comfort in the medium term of the support whilst they seek to trade through the cash flow difficulties, and implement changes that would bring about higher efficiencies and cost savings.
Whilst we unable to provide the full details of this case, due to confidentiality of the client, we hope this highlights some of the other services we offer, including, but not limited to, independent business reviews, cash flow, management and forecasting, stakeholder management in particular creditors. Should you relate to any of the above issues, or are interested in our business support services please do not hesitate to contact Lucinda at email@example.com or call 07972928153 for a coffee and chat to discuss further.