Supporting Businesses Nationally
Creditor Pressure
finding challenging to resolve?
For a free confidential discussion, call 020 3995 6380 | rescue@opusllp.com | offices nationally
How Opus can support business owners and directors
Our team can explain the options available to help return your business to profitability. We help business owners, directors and all stakeholders navigate their way through the uncertainty that distress brings.
Paying creditors on time
When facing creditor pressure on a regular basis, it is a sign that there are bigger problems and a risk that your business is insolvent. It’s a stressful time but this is when you need to speak to specialists who can help you find a way forward for your company.
By not dealing with creditor debt, there is risk that creditors will instruct a debt collector to recover funds and/or assets to repay the debt or even issue a Winding Up Petition.
However, there are manageable actions that can be taken to give you time to formulate and deliver a plan to deal with the debt and find a stable way to move forward. They key thing to do is gain a clear understanding of your position and get help from experienced professionals.
It’s important to talk to your creditors and manage their expectations. Whilst this is a stressful period, it will get worse if ignored.
Immediate assistance
Our dedicated team is on hand to provide assistance to Directors of companies in financial difficulties. When a company is insolvent, a Director has a duty to minimise losses to stakeholders. Our senior management are available to talk to you about the problems you and your company face with complete confidentiality.
How do I deal with creditors?
There are formal and informal routes you can take, depending on the scale of debt and timescales. Speak to our team so we can advise on the best path to take to secure survival of your business.
Some practical steps to dealing with creditor pressure include:
- Speak to your creditors in order to gain their support
- Rescheduling payments
- Considering a Time To Pay (TTP) arrangement
- Put in place a strategy to deal with creditor pressure
Resources and guides
Our latest articles to support decision making for business owners and directors. These provide an overview on what is going on in the market and information about the options available when a company is facing challenges.
Have questions?
For more information on business options, we offer an initial free consultation to review the situation and make recommendations on the best way forward.
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