The tax man is threatening to wind up my business – what can I do?

A very common reason for business owners to contact us is that they have been threatened with winding up by HM Revenue and Customs (HMRC). This is bound to cause sleepless nights about what to do next. The good news … Continue reading

Infographic | Stats show Businesess and Individuals still struggling with cash flow problems

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The latest insolvency statistics from the Insolvency Service show Businesess and Individuals still struggling with cash flow problems.

The most recent government insolvency figures show that throughout the country 2,481 companies went into compulsory liquidation in the first quarter of 2015, a drop of 15.9 per cent on the same period last year.

A further 904 companies voluntarily called in a liquidator rather than being wound up by the Courts, falling by 5.6 per cent.

And at the same time, personal insolvencies stood at 20,826, a fall of almost 19 per cent on last year’s figure.


  • “These statistics show that, overall, the economy is showing signs of improvement.
  • The number of businesses and individuals using a formal insolvency procedure to deal with over-indebtedness are both going down.
  • But the numbers are still above the historical average and thousands of people and companies are still struggling with cash flow problems and high levels of debt.

As these figures demonstrate, fewer companies need to close as there are often ways to breathe new life into struggling businesses. In addition, rescue procedures can be used to minimise the impact of any closure and to mitigate the loss to creditors, employees and business owners.

As always, though, the advice is quite simply to Call us by seeking expert advice as soon as possible because there is so often a positive outcome to be achieved.


Cash Flow Problems shown inInsolvency Statistics Q1 2015

Stats show Businesess and Individuals still struggling with cash flow problems.

 

As these figures demonstrate, fewer companies need to close as there are often ways to breathe new life into struggling businesses. In addition, rescue procedures can be used to minimise the impact of any closure and to mitigate the loss to creditors, employees and business owners.

As always, though, the advice is quite simply to Call us by seeking expert advice as soon as possible because there is so often a positive outcome to be achieved.

 

Also read BDaily as Paul talks to them about these.