The economic difficulties facing businesses and individuals in Ireland are severe. The decline in construction and property markets, allied to the banking crisis and global recessionary trends have created a sharp decline in economic activity, business transactions and confidence levels and have prompted a considerable deterioration in public finances.
As a result, many businesses and individuals are facing what seem to be insurmountable financial problems.
Significant decline in activity is particularly evident in certain sectors. This is causing a deterioration in profitability and/or increasing losses, with consequent cash flow issues, and an apparent dearth of solutions to liquidity problems. The relationship between debtors and suppliers is changing with a reduction in supplier confidence. Business issues are also having an impact on owner managers of businesses, many of whom are significantly indebted arising from personal investment decisions taken in recent years. Furthermore the change in global markets has caused a significant depletion in wealth and pension provision. With high business and personal debt levels, the specter of personal guarantee being called is causing significant stress for business owners.
While prospects may seem bleak, however, solutions can be found. The resolution of these issues however require a quick and timely response before the issues become over bearing and beyond resolution. Mazars is a specialist advisory firm to medium sized and owner-managed business sectors. In response to these unprecedented conditions we have formed a multi disciplinary team to devise appropriate and workable solutions for business owners and business stakeholders. At Mazars we believe that identification and analysis of underperformance and corporate failure are key to establishing the remedial actions to restore a business to full financial health. The process of recovery to financial health incorporates three phases:
- Analysis of the exact financial position and contributors to financial performance,
- Planning to consider the recovery options and the creation of a viable restructuring plan,
- Implementation by way of open communication, flexibility and realistic expectations with timely delivery.
This framework is applied to all recovery situations, which may include:
Where recovery actions are limited Mazars have a dedicated insolvency unit that can guide and advise business owners through the complex and stressful processes of insolvency, including:
Our multi disciplinary team have first class relationships with the legal and banking sector to ensure appropriate recognised solutions can be delivered. Mission critical assignments of this nature are by their definition undertaken by senior personnel at the firm at director and partner level.
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Covid-19 Busines Support
Covid-19: Supporting your Business
As the COVID-19 crisis deepens and brings our economy and its businesses to a standstill, what should business owners be doing to best position themselves for the immediate challenges that confront them? Our Advisory team are working closely with businesses and financial institutions and have set out below some useful tips for business owners to help navigate their way through this unprecedented situation.