Oct 15 2009: Surviving the recession with Moorhead Savage
A NEW South Yorkshire company is aiming to take some of the pain out of the recession and provide a lifeline for future success.
Moorhead Savage, based in Rotherham and launched by licensed Insolvency Practitioner Paul Moorhead, is offering debt advice, business turnaround and insolvency services for both companies and individuals who have been hit by the current tough economic climate.
Paul has a wide range of experience in helping businesses with financial problems.
He worked in insolvency practice in the region for a number of years before qualifying as an insolvency practitioner and working as an insolvency expert with two large financial services businesses.
“My last two roles have been helping to establish in-house solutions for other businesses so this new venture is very much back to my roots,” he says.
The Government has revealed that more than 62,000 people and 13,000 businesses became insolvent in the first six months of 2009.
“Unfortunately, these figures show that more and more firms and individuals are getting into serious financial difficulties as a result of problems with the wider economy,” Paul says.
“Advice is available to avoid the worst effects of insolvency but it is vital to seek help as soon as financial problems come along. The sooner professional advice is taken, the more options there are available.”
One major route Paul advises for businesses in trouble is to use a Company Voluntary Arrangement procedure – or CVA – which can help to turn a company around with the support of creditors and keep them trading.
“A CVA is a flexible and efficient way to rescue a business and in the right circumstances, it can be the best option for everyone – the creditors, the employees, customers and the owners,” he says.
Similarly, an Individual Voluntary Arrangement – IVA – can work in the same way for any person facing severe financial difficulties.
For more information on how Moorhead Savage can help both businesses and individuals call 01709 331300 or visit www.moorheadsavage.co.uk
www.moorheadsavage.co.uk
