Have You Spotted The Impending Financial Problems Of Your Customer Or Your Business?

If you are concerned about the financial position of a customer, you will want to reduce the probability of suffering a bad debt. Do any of the following apply?

• Increasingly slow payments?
• Round sum payments on account
• Always being fobbed off with an excuse for non payment
• Payment by post dated cheques
• Old invoices only paid when a new delivery is needed
• Rumours in the trade about the use of new or alternative suppliers to increase credit facilities
• Disputing invoices to delay payments

What about the financial health of your own business?

• Do you rely upon one customer?
• Are you borrowing heavily to keep the business running?
• Are there a lot of outstanding debts or bad debts?
• Have you received 7 day warning letters, writs or statutory demands?
• Do you spend more time managing your cash flow than the rest of the business?

If any of the above apply you may find that a Company Voluntary Arrangement will solve the immediate problems and the threat to your business.

Whatever the solution may be, you need to take advice before it is too late