WARNING SIGNS

We invite you to peruse the following check list and if you are concerned get in touch without delay pbw@bcr-insolvency.com. Alarm bells should start ringing if:

Bank:

• Your overdraft is always at the limit
• Your bank is returning cheques
• An increase in your overdraft has been refused
• A loan application has been refused
• The bank has requested increased security
• Personal guarantees are requested

Reporting:

• Failure to file company accounts on time and incurring penalties
• Failure to file annual return

Creditors:

• Paying creditors is difficult as cash flow is tight
• Failure to obtain new credit
• Cannot extend existing credit
• Receiving warning letters
• Threat of legal actions
• Visit by Sheriff or Bailiffs

Debtors:

• Don't pay on time
• Invoices are sent spasmodically
• No dedicated debtor collection function

Management:

• Lack of planning and poor communication
• No future strategy and no time to discuss important issues
• Autocratic leadership