When You Need a Partnership Rescue

If you have a business which is insolvent then there are a number of things that you can do to save at least part of the business and even to rejuvenate it as a new entity. If it is a partnership then you need a partnership rescue to enable this, and it may take one of many forms.

One of the first things to do is to recognise that there is a problem, and then to identify where those problems are specifically. In the first instance, you don’t need to call in an expensive management consultant or business guru to do this; if the business is a partnership then it is like that any one of the partners or indeed any member of the senior management team will have a ‘feel’ for what has gone wrong and the areas that need looking at (either with a view to changing them, scrapping them or selling them off if they are worth something to another business).

Every ailing business has part of it which is good, and from this the feeders of the new business may be salvaged. A partnership 올인구조대 can be made to work by identifying what it is that needs to be saved and what needs to be written off; as in many other walks of life, the bad parts will only hamper the growth of the good parts.

In some cases you will know what form the business needs to take after the rejuvenation process has been completed; to a certain extent this can be a model to aim for as part of what is known as a Pre-Pack Administration.

Sometimes a pre-pack is appropriate as part of the solution during a partnership rescue. If this can be sold back to the management which may or may not need to involve funding or refinancing, with the best sources of funding which are currently available, then the business can continue to thrive and grow, and provide a continuing income for the owners as well as employment for the staff.

This type of partnership rescue is also healthy for the business community as a whole both locally and in terms of industry sector, as it means continuity for suppliers and customers alike.

Many struggling but otherwise perfectly viable businesses fail because people running the business get bad advice or no advice at all. It is important to realise that help is needed early on if the best is to be made of such an opportunity.

If you’re facing problems with your business don’t face them alone. We are specialist insolvency solicitors and know about partnership rescue []. Make an appointment for an informal chat. We will solve your problems while safeguarding your personal assets and those of your family


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