A firm based in Lancashire, specialising in advisory services relating to mis-sold financial products, approached Real Business Rescue due to mounting pressures from HMRC arrears.
The co-directors were both highly skilled in their profession but would be the first to admit they weren't particularly adept at keeping organised company records and let their corporation tax duties escalate out of control.
The company had been trading profitably for two years but, in a challenging and competitive marketplace, it soon started nosediving and cash flow was quickly dwindling with large liabilities to meet.
We quickly analysed the situation, helping the directors to get their documents organised, and ascertained that a CVL was required in order to not worsen the position of existing creditors.
We were appointed as liquidators and managed to secure satisfactory dividends for creditors and help alleviate the pressure from some very distressed directors.
17th May 2017 As many as one in four SMEs throughout the UK are reliant to some extent on the services of ‘gig economy’ workers, according to new research on the subject.
11th May 2017 Small companies throughout the UK could be facing a “business support black hole” in the next decade if funding currently allocated to them from the European Union is not replaced after Brexit.
2nd May 2017 The number of company directors who have been banned from leading or forming businesses for five years or longer reached a six-year high during 2015/16, according to the latest figures on the subject.
27th April 2017 A major creditor to Bolton Wanderers has issued a winding up petition against the football club in relation to a £5 million loan given to the organisation last year.
26th April 2017 HM Revenue & Customs (HMRC) officers have raided the offices of two of England’s largest and best known football clubs over issues relating to suspected income tax and national insurance (NI) fraud.
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