The light at the end of the Covid tunnel is getting nearer with the news that a vaccine is due to be rolled out across the UK this month.
While the roll out and impact of the Pfizer/BioNTech vaccine is going to take a while, it’s particularly significant news for the business community.
Companies can now start mapping out plans for the medium to long term future with greater confidence that normality should be returning by this time next year – if not sooner.
This scenario should also make it easier for businesses to appease creditors, because if companies can formulate credible future business plans, then creditors are likely to hold off launching any formal insolvency action if they feel they stand a strong chance of recouping funds.
The vaccine has raised hopes that 2021 can be a year of recovery for business, so now is the time for company directors to seize the moment and seek professional financial advice to understand what they can be doing now to ensure their business is best-placed to bounce back as quickly as possible.
Cavalry’s team of experienced insolvency practitioners are on hand to help businesses prepare for the next stage of their company’s journey.
This might be restructuring a business to ensure its operations and costs are leaner for the future, or even assisting directors with forecasting for the year ahead to help them spot potential financial warning signs, and how to go about mitigating them.
There will, of course, be a rise in the number of administrations and liquidations as the government’s Covid support winds down, and directors of companies who feel they are heading towards this route should contact us as soon as possible to explore potential survival routes.