5 ways to recover from business cash flow problems

Posted on by Recovery & Turnaround

For many new businesses, cash flow problems will occur at some point, whether it’s due to a slow trading period, losses, or an alternate reason. A cash flow problem arises when the business starts to struggle to pay its debts, which can lead to insolvency if it is not addressed immediately. A lack of cash … Continue reading

Should I invest my own money in a failing business?

Posted on by Recovery & Turnaround

When your business is struggling, many directors will feel the temptation to insert their own money into the company in an attempt to revitalise it. This can be a huge risk, with the potential for that money to never be seen again. In this article we look into whether a business owner should put their … Continue reading

Asset Protection for Business Owners

Posted on by Recovery & Turnaround

As a business owner, it’s important to be able to protect your company assets in the event of a claim or pressure from creditors. With no plan in place, you could lose valuable assets should your business fall into financial difficulties or debt with creditors. Here, our experts have outlined what asset protection for business … Continue reading

Creditor Pressure: Understanding their Rights

Posted on by Recovery & Turnaround

If your company is struggling financially, you may find that keeping up-to-date with paying debts back to your creditors is difficult, leaving you behind on payments. It is important that you maintain a direct and honest contact with all your creditors when this happens to avoid them putting excess pressure on you. Creditor pressure can … Continue reading

What Happens if I Can’t Pay my Tax Bill?

Posted on by Recovery & Turnaround

In our last article, we discussed the options available to you for dealing with HMRC debt, including using an specialist company such as Recovery & Turnaround to propose a payment plan, or restructure your business. However, if you are unable to reach an agreement, or are unable to keep up the payments you have agreed, … Continue reading

Dealing with HMRC Debt

Posted on by Recovery & Turnaround

HMRC debt is a common problem for companies that are struggling financially, as trade creditors are often incorrectly prioritised to pay back first. As a creditor, HMRC can be quick to resort to formal recovery action to ensure your debts are paid back. This action can take the form of bailiffs to reclaim your assets, … Continue reading

What is company director disqualification?

Posted on by Recovery & Turnaround

When a company is insolvent, it is essential that all directors immediately cease trading. By law, a director who is found to have continued to trade after acknowledging insolvency can be disqualified, which can lead to a range of penalties. To avoid any charges being placed against you, our advisers here at Recovery & Turnaround … Continue reading

What is the Difference Between Bankruptcy and Insolvency?

Posted on by Recovery & Turnaround

Bankruptcy and Insolvency are two terms often confused for one another, and are assumed to mean the same thing. However, there are a few differences between the two terms, and our experts at Recovery & Turnaround have specified them in this article. What is Insolvency? A company is insolvent when debts cannot be paid back … Continue reading

How to Know if Your Company is Insolvent

Posted on by Recovery & Turnaround

Insolvency is the inability for a company to pay back its debts, or meet their financial obligations. It is essential that as the company director, you act immediately when finding your company insolvent, or you could risk being personally liable for the company’s debts if you continue trading. It can be difficult, however, to determine … Continue reading

What to do if your company is struggling to pay VAT or PAYE

Posted on by Recovery & Turnaround

All companies are responsible for paying VAT and PAYE to HMRC, and if these payments are missed, HMRC will investigate and potentially take legal action to acquire the money owed. If you are unable to pay your taxes as a company, you may be insolvent. It is important to act now and address this issue, … Continue reading