Owner-managers of struggling businesses should see liquidation as an opportunity to start afresh, not the end of the road, says a specialist insolvency adviser.
Damian Appleby believes many directors lose sleep, cash and self-confidence due to poor awareness of the opportunities presented by liquidation procedures and insolvency law.
“Businesses in difficulty can legally remove the pressure of unsecured creditors, while buying the assets back at rates that are competitive and entirely legal,” said Damian Appleby, senior adviser at insolvency consultancy DragonsClinic
“Lack of insolvency knowledge in the small business sector is a particularly widespread problem, often resulting in complications and legal issues for the directors that could otherwise have been avoided.”
Early-stage action is vital for a successful outcome. All too often, directors...