The severe effects of Covid-19 continue to cause disruption and financial difficulty for businesses nationwide. If your limited company is in debt due to the coronavirus pandemic and you are unsure how to proceed, you should seek help from a licensed professional as soon as possible.
If your company is struggling with unmanageable debts, squeezed cash flow, or an uncertain future, you are far from alone. We speak to company directors just like you every single day, and we are here to give you the help and advice you need. Call our team today on 0800 644 6080
Although the general economic outlook has improved, however, many businesses continue to suffer financial distress and require professional help to deal with Covid-19 related debts and other payments.
This video describes the options that might be available for businesses in debt. It is important to consider options such as alternative funding, formal insolvency procedures that support recovery, and the best way to enter liquidation if rescue is not possible.
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Personal liability can also be a concern for limited company directors – if a Director’s Loan Account is overdrawn, for example, or a personal guarantee is called in. Placing creditor interests first is crucial in all cases of insolvency, but it is easy for directors to unwittingly breach insolvency laws by carrying on trading.
With so many insolvency ‘experts’ advertising online, it is also easy to approach the wrong people for advice. If you are carrying Covid-19 business debts, or indeed any form of company debt, you need professional support from licensed insolvency practitioners to ensure you take the correct route for your company.
Real Business Rescue are here to help
Still unsure whether liquidation is right for your company? Don't worry, the experts at Real Business Rescue are here to help. Our licensed insolvency practitioners will take the time to understand the problems your company is facing before recommending the best course of action going forward based on your own unique circumstances.