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Bookmakers have experienced a litany of challenges over the past few years, including the reduction in maximum bets on FOBT followed by the Covid-19 pandemic. While this is expected to lead to a rise in financial distress across the industry, there are steps you can take to protect your business from unmanageable debt. The first is to seek professional guidance and support from a licensed insolvency practitioner (IP), who will be able to talk you through your options for both closing and rescuing your company.
When it comes to business rescue and recovery, there is not a one sized fits all solution. There are a range of potential avenues which might be available to you based on the current financial and operational performance of your betting shop, as well as the likely future viability of the business.
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Start The 60 Second TestIf you are looking to save your business from its current cash flow worries, there are both formal and informal insolvency solutions which could help to immediately improve your company's position as well as ensuring it is on a solid financial footing going forwards. These include:
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If you believe your betting shop is beyond the point of rescue, you may be considering how you can close the business while also dealing with the debt it owes to creditors.
A Creditors’ Voluntary Liquidation (CVL) is a formal liquidation process that is initiated by company directors to bring the company and its outstanding affairs to an orderly end when the company is carrying debts it simply cannot afford to repay. If the situation is such that your company won’t recover, a CVL typically represents a better option than compulsory liquidation, and ensures you are complying with your obligations as the director of an insolvent company.
If you’re a bookmaker or betting shop owner concerned about the viability of your business, Real Business Rescue will provide professional assistance. We’ll explain your options in full, ensure you understand the ramifications, and support you at every stage. For more information and to arrange a free same-day consultation, call our expert team – we operate from more than 100 offices around the country.
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