Updated: 5th February 2020
Receiving documentation about your business from the ‘powers that be’ can sometimes be a complex situation. After all, you might be a specialist in your industry or field of work but not all directors have the time, patience or knowledge to understand what HMRC, Companies House, The Insolvency Service or solicitors are asking of them.
In order to shed some light on the documentation you might have received, we’ve brought numerous real, historical scenarios to life where companies are in real financial distress.
Some have been threatened with a winding up petition and have seven days to act; some have bailiffs banging on the door looking to distraint their machinery and assets; others are being chased by the taxman for unpaid corporation tax.
Regardless of what situation your company might be in, if any of these letters are familiar to you, it would be best to get in touch with an insolvency practitioner at your nearest Real Business Rescue office.
We offer a free consultation to all directors in distress in a one-to-one setting with a licensed IP who has a wealth of knowledge liaising with HMRC and helping companies find the best way forward.
If your company is currently unable to meet its financial obligations, the company is insolvent and should cease trading. There will be options available to your company but these must be discussed with an insolvency practitioner to ascertain which route to take.
If your business is merely experiencing temporary or seasonal cash flow issues, for example, we could provide bridging finance to help in the interim period and give your company a bit of breathing space. Or insolvency procedures such as a company voluntary arrangement might be the best option which allows your company to repay creditors over time, giving your cash flow a bit of relief.
Contact Real Business Rescue today to discuss your company’s financial concerns; by taking action you could be safeguarding the future of your business.