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DR to the aid of the DR…

“It’s rare that my two careers collide” comments Jeanette Brown   “but in recent months I’ve had to apply both sets of skills in advising clients on taking steps forward.”

Jeanette is both Director of Healthcare and Insolvency at Dodd and Co. Normally her work with Dodd Rescue, the insolvency part of the business, is entirely separate from taking care of her GP clients. In recent months however, Jeanette has had to advise a number of GPs about potential insolvency proceedings as the current economic climate begins to bit.

“All of the situations I advised on were almost identical in nature” Jeanette goes on to explain. “It’s all about the current challenges being placed on income streams in GP Practices coupled with high tax and superannuation bills from previous years. Partners in practices often find it difficult to cope with the drain on their resources and don’t know where to turn to for help”.

Jeanette says that if she could give one message to GP’s in these circumstances it would be “Please don’t bury your head in the sand and think all your financial worries will suddenly disappear”. She continues “There’s a lot of disinformation out there about the way insolvency works. As I often say to the people I am advising, there’s a million miles between getting into financial difficulty and declaring yourself bankrupt. As long as you speak to an appropriately qualified advisor at an early enough stage, there are lots of ways we can help you out, whether that means help with raising finance or taking further steps to protect your personal assets”.

Jeanette goes on to advise that any GP thinking about speaking to a professional on insolvency matters needs to ensure that the adviser has knowledge about NHS contracting, the Performers List, NHS Pensions as well as the pitfalls of the personal and partnership insolvency regimes. “Taking advice from someone only partly-qualified in these areas can turn a bad situation into a catastrophic one” says Jeanette “And the list of people that can properly advise you is probably a very short one!”

So GP’s in financial difficulty – you have been warned!

Make sure as a Dr, that it’s Dodd Rescue that comes to your aid!

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