Having worked in the insolvency industry for over 3.5 decades, I have come across thousands of Directors of companies and individuals who have successfully ran their businesses.
When the business experiences financial crisis and can no longer continue to trade it has a major impact on your health, relationships, your family and more importantly your mental state. The pressure builds up and it keeps you awake at night and causes confrontation in various aspects of your life.
There is no doubt that a successful business too has a similar effect on your livelihood BUT the issues are different.
If you find yourself struggling to make ends meet and start to feel anxious, under pressure and feel overwhelmed by the situation then the most important thing is to take professional advice before the symptoms lead to more serious mental health problems such as depression and panic attacks and needing to take medication.
The human mentality is such that sharing success stories is a big celebration BUT with failures it is all kept as one big secret. The stigma surrounding business failure can lead to feelings of shame and embarrassment.
There are so many different aspects to insolvency and although becoming insolvent (placing your company into liquidation or becoming bankrupt) can be worrying, it is not something to hide or feel ashamed about. As with any other problem, trying to hide or deny it is only likely to make matters worse. Talking to family and friends and asking for some support and understanding about the situation will have a significant impact on your well-being.
Next steps
This article is for information and interest only. It is not a substitute for full professional advice, which will take into account the specific and individual circumstances. Navigate Business Recovery Limited cannot accept any responsibility for any loss arising as a result of any person or organisation acting or refraining from acting on any information.
Disclaimer
This article is for general guidance only and does not constitute legal advice. Each case depends on its own facts and circumstances, and professional advice should always be sought before taking any action. Navigate Business Recovery Limited does not accept responsibility for any loss arising from reliance on this information.
For confidential advice and practical guidance, please contact:
Vee Bharkhada
Navigate Business Recovery Limited
Email: vee@navigatebr.com
Office: 0330 236 9937
Mobile: 07961 116321
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