Other Services
Other Services
Turnaround
Following our free business review, it may be that problems with certain aspects of the business have been identified and need resolving, but which as they have been caught early enough, do not require either a formal recovery or insolvency procedure. When formulating an appropriate strategy for the company, we are able to draw upon internal legal resources provided by Jon Law, our in-house solicitor, to assist us in considering statutory, contractual, security or other issues which have a bearing on the options available to the business. This enables us to obtain a more comprehensive picture of the business.
In these circumstances, working closely with the management, we would make recommendations regarding a program of measures required to improve the performance of the company. These measures will more often than not include the ongoing monthly monitoring of the business to ensure the areas identified are being addressed. Prior to implementation of this program a suitable fee structure would be agreed in advance together with clearly defined terms of engagement to ensure that each party is clear as to their respective roles in implementing the strategy.
Refinancing Solutions
If following our free business review and consultation process, it is identified that the business or individual may benefit from the introduction of one or more of the refinancing products listed below, appropriate recommendations will be made to the client. We can then introduce the client to those of our highly reputable network of national contacts that provide the finance products in which they are interested.
Bank Overdraft
Mortgages and Secured Loans
Small Firms Loan Guarantee Scheme
Factoring and Invoice Discounting
Asset Finance
Stock and Trade Finance
Business Angels
Venture Capital
Directors Loans
Following the client’s initial meetings with the lenders, if it is considered that an offer in principle is to be made, Harrisons may in certain circumstances be required to undertake a formal pre-lending review for submission to the appropriate finance provider. It should be noted at this stage that the fee for undertaking this part of the review is a cost borne by the client, but it is subject to agreement prior to any work being undertaken. As a general rule costs in respect of the preparation of pre-lending reviews range from £1,000 to £3,000 depending upon the complexities of the particular case and the detail required by the lender.
Pre-Lending Review
There are often circumstances where lending decisions are not as clear cut as one would hope. In these situations a formal detailed lending review can operate as a vital component in the lender reaching its decision.
The review will be conducted along the lines of the free business review, but will offer a detailed assessment of the lending proposal encompassing in particular, the lender’s criteria including assessment of the management of the company, review of its current financial position, analysis of projected future performance, existing and future funding requirements and the availability of security.
Inevitably each case will be different and as a consequence the review is completely flexible and can be tailored to meet the requirements of each individual lender. As each review may vary subject to the requirements of the lender a fee structure is agreed prior to commencement.
Viability Review
Harrisons will undertake a comprehensive review of the business on behalf of both internal and external stakeholders such as directors, shareholders and finance providers.
Working closely with the management, although the review will encompass the criteria of the business review and pre-lending review, it will place an emphasis on those areas pertinent to the client’s requirements and circumstances.
Monitoring Solutions
Following completion of a viability review recommendations may include the continued monitoring of the business on behalf of the client for a designated period of time. It is likely that this recommendation will be made where additional funding or continued support from existing lenders or other stakeholders is required by the company. In these circumstances a formal monthly site visit and reporting structure can be put in place to monitor the ongoing performance of the business.
Formal terms of engagement for undertaking this role are agreed between the relevant parties prior to implementation and would be based on a monthly fixed fee or time cost basis.
In House Legal Services
The appointment of our in-house solicitor, Jon Law, resident in our Bristol office, enables Harrisons to provide a complete and flexible service to clients experiencing financial difficulties. When considering the most appropriate solution to the clients needs, Harrisons can refer directly to sound legal insolvency and recovery advice, thus obtaining the fullest most accurate and up to date information in order to provide its conclusions and recommendations.
In the event that a formal insolvency appointment proves necessary, it is often the case that there is little or no funding available to investigate and pursue recovery actions to increase the potential funds available for the benefit of creditors. Upon appointment, Harrisons are able to obtain in-house legal advice on the merits of pursuing actions under the provisions of all current legislation. If the legal advice is favourable, litigation can often be pursued using internal legal resources without the need to go to creditors for funding or to seek to retain external solicitors on a conditional fee basis or otherwise. Alternatively, if external legal services are considered to be required, the case can be presented with a large amount of the preparatory work already undertaken.
Similarly, in a formal insolvency process where there is ongoing trading and exit routes are being considered, substantial ongoing legal input is often required. Obtaining this input in-house is considerably more cost effective as it avoids duplication of effort between Harrisons and an external firm of solicitors.