Midas Construction Administration: Impact to Businesses - PKF Francis Clark
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Midas Construction Administration: Impact to Businesses

With Midas Construction set to appoint Administrators, Scott Bebbington, Senior Manager at PKF Francis Clark highlights how this could affect you or your clients’ business and what can you do to safeguard your position.

What the Administration means?

Suppliers to Midas will now be faced with a significant bad debt and the potential loss of a major customer, which could be detrimental to current cash flow and future business viability.

The impact of this will be far reaching, as one of the largest businesses in the South West the potential Administration of Midas could see a number of companies become victim to the domino effect of insolvencies, where the loss of a major customer and significant bad debt force businesses further down the supply chain into insolvency.

How can PKF Francis Clark’s Business Review help

A PKF Francis Clark Business Review can help you assess the impact of the Midas Administration on your business and help you rethink your strategy to not only manage the short-term cash flow impact but also the longer-term viability of your business.

The Benefits of a Business Review are:

  • Expert advice from a friendly face – we want you and your business to succeed and will work with you to give you the best options for the future
  • Impartial help and support –we will provide an expert and objective analysis of your current situation and possibilities for the future
  • Understanding and addressing the reality of the situation – we know it’s a really challenging time but the earlier you look for help and advice, the better the chance of securing a healthier future for your business
  • It doesn’t have to mean insolvency – there are often other options available to manage financial pressures and sometimes an insolvency practitioner can provide a fresh perspective and avoid failure by helping to negotiate a better alternative

How can PKF Francis Clark’s Creditor Services help?

A bad debt leads to a lot of insolvency paperwork, filled with jargon that may be difficult to understand the key questions you want to know the answer to, specifically how much money am I likely to recover and if so when this would be paid.

Time spent looking back and trying to understand all this jargon is time not spent focusing on what is important to your business.

PKF Francis Clark’s Creditor Services will:

  • Review any paperwork relating to the insolvency of Midas and advise you on your options
  • Complete and submit forms relating to the Administration on your behalf
  • Represent you at creditors decision procedures, making sure your voice and concerns are heard
  • Advise on fee proposals so you can ensure the service being provided represents value for money
  • Review progress reports and update you with the information you want to know
  • Identify any potential issues relating to the conduct of the Administration and provide options on how to maximise your recoveries.

This means you can focus of driving your business forward rather than looking back at the past, all at no cost to you.

If you or your clients could benefit from a Business Review or our Creditor Services offering to help manage the financial impact of the Midas Administration, please get in touch to arrange a free initial no obligation meeting.

Scott Bebbington

Senior Manager, Insolvency

PKF Francis Clark

Tel: 07443 786602

[email protected]

www.pkf-francisclark.co.uk

FEATURING: Scott Bebbington
Scott joined Francis Clark Business Recovery as a trainee in 2012 having previously graduated from Cardiff University. He qualified as a Chartered Accountant in 2016.… read more
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