Have you ceased your trade, sold your business and wish to try something new? Perhaps you are no longer able to use your limited company due to the impact of impending IR35 (UKs anti-avoidance tax legislation) changes?
As unincorporated businesses navigate their way through the adverse financial impact of Covid-19 in Scotland, it may be necessary to consider a formal mechanism to put a repayment plan in place – Business DAS (debt arrangement scheme).
That’s the view of Christine Convy, the founder of Dundee, Fife and Glasgow-based restructuring specialist Dunedin Advisory. She said the lack of a restructuring culture in Scotland means many firms are unaware of tools that could put their business on a surer footing.
Using existing legislation with the use of a Company Voluntary Arrangement (CVA) and the provisions within the new restructuring bill currently being considered by parliament, may be more readily used as a mechanism to formalise restructuring plans.
This week Christine Convy, Director of Dunedin Advisory specialists in restructuring and recovery of businesses presented a webinar to company delegates discussing “Surviving Covid-19” in collaboration with Business Gateway Fife.
As the Covid lockdown continues giving many businesses restricted or no option to trade, Angela Paterson, Associate Director of Dunedin Advisory highlights a potential lifeline to consider – a CVA.