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Insolvency advice for Bookmakers: Close and Rescue options
Bookmakers have experienced a litany of challenges over the past few years, however, 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 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 size 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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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.
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If 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:
- HMRC Time to Pay Arrangement (TTP) - HMRC offers extended time to pay arrears of tax and National Insurance, to businesses that need a little support. If they believe your company’s financial problems can be overcome, a Time to Pay arrangement can offer up to 12 months’ additional time to bring your tax arrears up to date.
- Alternative finance - With such a wide range of alternative finance products now available, there may be an option suitable for your business. You could gain access to a cash lump sum to repay creditors, or regular working capital to help give your cash flow more stability and security.
- Company Voluntary Arrangement (CVA) - A Company Voluntary Arrangement is a formal insolvency procedure that helps viable businesses manage their liabilities to creditors, while allowing trade to continue. A CVA functions as a formal payment plan which is entered into by an indebted company and its creditors. Typically lasting between 3-5 years, a CVA helps to restructure company debt into an affordable and sustainable single monthly repayment.
- Company Administration - If creditors are hounding you for payment, company administration can provide the space needed to formulate a plan for recovery. A moratorium period prevents creditors from taking legal action, and freezes any additional interest and charges on existing debt while a route forward is planned.
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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