Updated: 22nd February 2021
Real Business Rescue has an expert team of company rescue specialists and licensed insolvency practitioners who have seen all there is to see in the world of corporate insolvency but more often than not, directors come to us with one of four common concerns.
Falling behind with tax payments to HMRC can leave your company on thin ice. The taxman doesn’t take kindly to late/missed payments and it can be a telltale sign that your business is actually insolvent if you’re unable to make payments as and when they fall due. Read on for more information about HMRC arrears.
Again, being unable to pay creditors on time due to cash flow issues should represent a sizeable warning sign to your company. It might just be a temporary thing where cash flow is down for one month and prospects going forward are looking rosy again. But if cash flow has been dwindling for some time and the outlook is bleak, you may need to consider restructuring or methods of finance to help the business back on the road to long-term prosperity. Read on for more information about cash flow issues.
Being chased by creditors for late payments is a stressful and tiring situation to be in. You might be being inundated with letters, phone calls, and emails or even knocks on the door. In these circumstances, it’s important to recognise that there are options out there for you and your company. If the firm is struggling under the weight of creditor pressure whether it’s trade creditors or HMRC, read our designated creditor pressure guide for more information on how Real Business Rescue can help you.
A winding-up petition represents the most serious action a creditor can take against your company. They are saying, in effect, that your company cannot pay its debts and should be liquidated. If your company finds itself in this situation, there is no time to waste. You may feel that it’s an unfair petition and that your firm can be financially viable going forward... but you must act now to save the company or HMRC will consider using a petition and potentially wind your company up. Read on for more information about dealing with a winding-up petition.