"Get Help Early, It's not too late" - Warns Corporate Recovery and Insolvency Partner in BBC Radio Interview


In a live radio interview on BBC Radio, our Corporate Recovery and Insolvency Partner, Jeremy Oddie, has warned businesses to get help at the earliest possible stage if they are starting to come under pressure from creditors.

In an interview particularly focusing on the UK's struggling high street, Jeremy Oddie (also R3 Chairman, North West Region) outlined several key strategies that businesses must undertake to ensure their survival in 2012.

You can listen to the full BBC Radio interview here - (1:09:00 to 1:16:08)

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Crucially, all companies must have a 'Plan B' in case their primary strategy starts to fail in the difficult trading conditions that currently exist.

Secondly, if your business is struggling, get help at an early stage as there is support available. Often, if recovery specialists are contacted, it is not too late to act to save the company. If you wait until the last minute, then it may be too late to help you.

Involve your creditors. By being open and transparent with your lenders and landlords, often you can find an alternative short term solution. If you keep your creditors out of the loop, they may start to panic. It is important to remember sensible landlords do not want to lose your business and debts can often be renegotiated, so talk to them.

Finally, keep control of your own sales. Don't sell to someone who you think is never going to pay or is in a difficult situation themselves.

If you would like some advice about your business situation from Mitchell Charlesworth's Corporate Recovery and Insolvency team, complete a quick enquiry form or email: jeremy.oddie@mitchellcharlesworth.co.uk at the earliest possible opportunity.

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