Rescue, Recovery, and Closure Options for Salons and Hairdressers

Certain items and services are essential, no matter our financial situation. Others can be trimmed from our budgets. If you own a hairdressing or beauty salon, you might be affected by tighter household budgets.

How can wind up your Hairdressers via liquidation? 

If you think your hairdressing business is facing insolvency – or it’s already insolvent – acting quickly is crucial. As the director of an insolvent limited company, you have legal duties to follow when running your salon or hairdresser in the future. 

One duty is to prioritise the interests of your creditors over those of your company and fellow shareholders. It means refraining from taking out credit you can’t repay and following strict rules about paying existing creditors during this period.

A licensed insolvency practitioner can evaluate your salon’s current financial status and offer advice on your next steps. This might involve starting informal talks with creditors or entering formal insolvency proceedings if necessary.

If your hairdressing business is beyond recovery financially, we can discuss the options available for closing it, even if there are outstanding debts. We’ll explain what liquidation entails for you, your employees, and your creditors.

Exploring Effective Options for Rescue and Recovery of Your Salons and Hairdressers

If you own or run a hairdresser, barber shop, or salon, and you’re worried about the future and meeting your expenses, consulting a licensed insolvency practitioner can clarify your current situation and your options moving forward.

In tough financial times, company directors, including those in the hairdressing trade, must be especially alert to signs of impending insolvency. 

A company can be considered cash flow insolvent when its outgoings exceed the money coming into the business. Balance sheet insolvency occurs when a company possesses more liabilities (like loans, debts to creditors, and lease obligations) than assets it outright owns (such as property, vehicles, and stock).

For specialised assistance in handling financial and operational challenges with your hairdresser, beauty salon, or barber shop, reach out to the professionals at Vanguard Insolvency. Get immediate sector-specific support and guidance.