Coronavirus (COVID-19) has rapidly sent many SMEs into survival mode as millions are worried about their finances following the sudden 'income shock' caused by the pandemic.
With the UK economy about 25% smaller at the end of April in comparison to the end of February, it is important to be proactive in managing your debts and understand how you can help your business recover.
Why should you attend?
This free webinar will provide an overview of the debt relief and debt adjustment options available for UK SMEs affected by COVID-19. Our panel of expert speakers will explain why you need to be proactive in managing debts, how you can manage & restructure effectively and how to make informed decisions for your future should you be unable to repay your debts.
All attendees will receive a debt repayment plan template, debt management factsheet and handouts with key contacts for further support. You will walk away with the confidence to help restructure effectively and understanding of the critical resources available to help.
What will you learn?
- How to manage and restructure your debt effectively
- The different legal statuses of business: non-incorporated vs incorporated
- What sole trader debt management/relief options are available (including IVAs. DROs and DIY bankruptcy)
- What incorporated debt management/relief options are available (including CVA, Admin/Prepack and Insolvency)
- An overview of the Corporate Insolvency & Governance Bill 2020
- Tactics when negotiating debt adjustments
- What information creditors are looking for
Who is this event for?
This webinar is best suited for SMEs, including those:
- Impacted by COVID-19 who are indebted and need to restructure their debt profile
- Considering making staff redundant but are not capitalised to do so
- Who have not applied for a Business Bounce Back Loan Scheme (BBLS) or Coronavirus Business Interruption Loans Scheme (CBILS)
- In sectors facing high fixed costs, bottom-heavy balance sheets and those that have ceased trading throughout COVID-19 (such as hospitality, leisure, travel and retail)
- Firms looking to restructure their debts or facing insolvency, sole traders who are considering bankruptcy if self-employed
Once you apply to attend the webinar, you will be asked to complete a registration form and meet the following criteria:
- Be based in London (registered in or have a trading address/office)
- Meet the SMEs criteria (maximum 250 employees & £50m turnover)
- Trading for a minimum of 6 months