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.