This week we have seen our tv’s and social media flooded with news of the liquidation of Carillion Plc. It seems everyone has an opinion of what went wrong and what can be done to stop this happening again. But, what about the 20,000 staff and families directly impacted by the liquidation. And the undetermined number of those indirectly affected?
For now, the Special Managers appointed to work alongside the Official Receiver, PwC, have advised that all employees should continue to work unless told otherwise. This means that employees will be paid for their services from 15 January 2018. We would urge those employees to continually check the PwC website, as this information may change without notice specifically for private sector workers. You can access the information at: https://www.pwc.co.uk/carillion.
Of course, this doesn’t guarantee payment for services already provided. How will you and your business cope if no payment is made? If payment is made, it certainly may be some time before it is. How will delayed or non-payment affect your cash flow? Will your business be able to pay its own suppliers when payments fall due? Now is the time to review your own business finances as this may have a domino effect not only on your business but also the suppliers to your business. If you feel that your business is going to struggle to recover whether directly or indirectly from the liquidation of Carillion, it is important that you get specialist insolvency advice as soon as possible.
Adcroft Hilton recognises the pressures that debt can have on business. In particular, when the problems are not foreseen. We therefore invite anyone who may benefit from learning how to avoid and manage debt along to our debt and business seminars.
The seminars will be hosted by Adcroft Hilton insolvency experts, Sheryl Armer and Sonya Brannigan and Baines Wilson LLP litigation experts, Elizabeth Black and Imogen Duck.
You will also have the opportunity to ask any questions during the course of the seminar and to network with other professionals and business owners.
The seminar will cover the following areas:
Dealing with debt from outside of your company
- Recovering bad debt: litigation and presenting winding up/bankruptcy petitions;
- Claiming against an insolvent defendant and insurance companies: how to pursue legal proceedings, the restrictions and commercial considerations;
- Prevention: 10 top tips on preventing sticky situations.
Dealing with debt from inside your company
- The key factors of knowing when a company is at risk of insolvency;
- The differences between cash flow/balance sheet solvency and insolvency;
- Director awareness of responsibilities when any potential insolvency is triggered;
- Sole Traders: When bad debts affect your personal solvency. What can be done?
Dates & Venues
Wednesday 28 February 2018, Imperial Hotel, Blackpool
Tuesday 6 March 2018, Holiday Inn, Lancaster
Thursday 8 March 2018, Rheged, Penrith
For any further information regarding any of these events please contact our Blackpool office on 01253 299399 or email email@example.com.