Company details for:
Real Business Rescue
(3)
Head Office 340,
Deansgate,
Manchester,
M3 4LY,
United Kingdom
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COVID-19 Coronavirus Help Centre
We are here to help and support your business through the escalating coronavirus outbreak. Providing expert assistance with managing cash flow, negotiating a Time to Pay arrangement with HMRC, through to sourcing emergency finance.
Bounceback Loans & Liability
Bounce Back Loan: Understanding personal liability and alternative funding options
Affected by Covid-19? Immediate Rescue Or Closure Options Available
FAST Free Director Advice & Support, With 78 offices Nationwide our Licensed Insolvency Practitioners can Help Today.
Affected by Covid-19? Immediate Rescue Or Closure Options Available
FAST Free Director Advice & Support, With 78 offices Nationwide our Licensed Insolvency Practitioners can Help Today.
Staff Payment & Furlough Concerns
n response to the coronavirus pandemic, the government introduced a range of initiatives to help businesses weather the storm and cushion the economic shock. One of the most successful and widely used measures has been the Coronavirus Job Retention Scheme (CJRS) which has been used in some form or other by two thirds of businesses since it was introduced in March 2020.
A series of extensions means this scheme will now run until the end of March 2021.
As part of the scheme, employers who have been hit by a drop in trade due to coronavirus related business interruption, can furlough those staff who for whom there is not adequate work. The government will cover 80% of their salary up to a monthly cap of £2,500. Employers can choose to top this up to 100% if they wish.
A series of extensions means this scheme will now run until the end of March 2021.
As part of the scheme, employers who have been hit by a drop in trade due to coronavirus related business interruption, can furlough those staff who for whom there is not adequate work. The government will cover 80% of their salary up to a monthly cap of £2,500. Employers can choose to top this up to 100% if they wish.
Company HMRC Arrears
Her Majesty’s Revenue & Customs − better known as HMRC is the most common business creditor and for many company directors, it can be a daunting prospect dealing with them.
Winding Up Petitions
If your company is served with a winding up petition, it represents the most serious legal action a creditor can take. If nothing is done about it, the petition starts a series of events that disables your ability to trade, and ultimately means the end for your business.
Can''t Pay Commercial Lease
With so many financial demands on businesses these days - rising business tax and ever-increasing energy bills −paying a commercial lease can be difficult even though it’s a priority payment.
The problem if you don’t pay is that your landlord can take enforcement measures quickly in order to collect their debt. In some cases they don’t even have to go to court to take the legal action that severely damages your business.
Following the onset of the Covid-19 crisis, the government introduced the Coronavirus Act, a piece of emergency legislation to help companies during these extremely challenging times. As part of this legislation, landlords are unable to forfeit the leases of tenants who fall behind on their rent during this time. Following a three month extension, this ruling is now in place until the end of September 2020. While this provides companies with breathing space for the short-term, it is important to remember that this is a temporary measure which will come to an end . Once this happens, you will need to make arrangements with your landlord to clear the arrears which have accrued during this time. Taking advice now will put you in the best position possible when you are faced with resuming your rent payments.
So let’s look at what a commercial lease is, and how you should proceed if you can’t pay.
The problem if you don’t pay is that your landlord can take enforcement measures quickly in order to collect their debt. In some cases they don’t even have to go to court to take the legal action that severely damages your business.
Following the onset of the Covid-19 crisis, the government introduced the Coronavirus Act, a piece of emergency legislation to help companies during these extremely challenging times. As part of this legislation, landlords are unable to forfeit the leases of tenants who fall behind on their rent during this time. Following a three month extension, this ruling is now in place until the end of September 2020. While this provides companies with breathing space for the short-term, it is important to remember that this is a temporary measure which will come to an end . Once this happens, you will need to make arrangements with your landlord to clear the arrears which have accrued during this time. Taking advice now will put you in the best position possible when you are faced with resuming your rent payments.
So let’s look at what a commercial lease is, and how you should proceed if you can’t pay.
Overdrawn Director''s Loan Account
Complete guide to overdrawn directors' loan accounts: costs, repayment, and process
Director Liability for Company Debts
Can Directors Be Held Liable For Company Debts in a Limited Company?
When a limited company is insolvent, the business is bankrupt and therefore unable to repay debt due to a shortage of cash.
When setting up your business you have two main ways in which you can choose to operate; you can take on work as a sole trader, or alternatively you can incorporate as a private limited company. Both structures have their own pros and cons, however, the main benefit of operating as a limited company is that your business will be seen as its own separate legal entity, something which can be vital should the company run into financial difficulties further down the line.
When a limited company is insolvent, the business is bankrupt and therefore unable to repay debt due to a shortage of cash.
When setting up your business you have two main ways in which you can choose to operate; you can take on work as a sole trader, or alternatively you can incorporate as a private limited company. Both structures have their own pros and cons, however, the main benefit of operating as a limited company is that your business will be seen as its own separate legal entity, something which can be vital should the company run into financial difficulties further down the line.
Can''t Afford to Pay Staff
Not being able to pay your staff their wages on payday could spell disaster for your business. Without a workforce you could see operations rapidly grinding to a halt, preventing you taking on any new work and struggling to fulfil current orders. For the ongoing viability of your business, having staff you can rely upon to carry out the work required is vital. In order for you to be able to rely on them, they in turn must be able to rely on you to be a good employer, which includes fulfilling your duty of paying their wages in full and on time.
You should always make it a priority to ensure your staff are paid; however, if you find that this is not going to be possible, here is what you should do.
You should always make it a priority to ensure your staff are paid; however, if you find that this is not going to be possible, here is what you should do.
Online Liquidation Assessment
Your free company liquidation pack includes:
A report of your current financial situation
An in-depth guide to all aspects of the liquidation process
Information on personal liability in liquidation
Guidance on wrongful trading while insolvent
Advice on your next steps
A report of your current financial situation
An in-depth guide to all aspects of the liquidation process
Information on personal liability in liquidation
Guidance on wrongful trading while insolvent
Advice on your next steps
Creditors'' Voluntary Liquidation
A Creditors’ Voluntary Liquidation (CVL) is a formal insolvency procedure which involves the directors of an insolvent company voluntarily choosing to bring their business to an end, and wind the company up. Although the process is entered into on a voluntary basis, it often follows the cumulation of many months of financial distress when the possibility of a successful turnaround has been extinguished. Even though this is far from an ideal situation, for an insolvent company which has no viable future as a profitable entity going forwards, voluntary liquidation by way of a CVL may be the best solution for all concerned.
Members'' Voluntary Liquidation
What is a Members' Voluntary Liquidation (MVL) and what does the process involve?
What is an MVL?
A Members’ Voluntary Liquidation (MVL) is a formal process for closing down a solvent company in a cost-effective way. MVLs are often utilised as an exit planning tool when a profitable company has reached the end of its useful life, where shareholders are keen to extract the profits of their investment, or if its directors are approaching retirement or otherwise looking to depart from the business for any other reason.
What is an MVL?
A Members’ Voluntary Liquidation (MVL) is a formal process for closing down a solvent company in a cost-effective way. MVLs are often utilised as an exit planning tool when a profitable company has reached the end of its useful life, where shareholders are keen to extract the profits of their investment, or if its directors are approaching retirement or otherwise looking to depart from the business for any other reason.
Compulsory Liquidation
What is compulsory liquidation? A guide to understanding the process for company directors
Compulsory liquidation (WUC) is a formal insolvency procedure which results in a company being forcibly shutdown. The compulsory liquidation process is typically initiated by disgruntled or otherwise outstanding creditors of a limited company through a court order known as a Winding Up Petition (WUP). A WUP notifies a company that a petition has been lodged to bring about the closure of the business and the liquidation of its assets.
Compulsory liquidation (WUC) is a formal insolvency procedure which results in a company being forcibly shutdown. The compulsory liquidation process is typically initiated by disgruntled or otherwise outstanding creditors of a limited company through a court order known as a Winding Up Petition (WUP). A WUP notifies a company that a petition has been lodged to bring about the closure of the business and the liquidation of its assets.
What Happens to Employees?
What happens to employees during liquidation and other insolvency processes?
When a company is insolvent, there are a number of formal procedures it can go through to help resolve the problems it is currently facing. Some of these procedures result in the closure of the company, others lead to the restructuring and streamlining of operations in order to allow the company a chance to recover and continue trading. The most commonly utilised processes are liquidation, administration, and the implementation of a Company Voluntary Arrangement (CVA).
In any formal insolvency procedure it is important to consider the rights of the insolvent company’s employees. This is especially true during liquidation, where the company is being wound up and existing employees being made redundant.
When a company is insolvent, there are a number of formal procedures it can go through to help resolve the problems it is currently facing. Some of these procedures result in the closure of the company, others lead to the restructuring and streamlining of operations in order to allow the company a chance to recover and continue trading. The most commonly utilised processes are liquidation, administration, and the implementation of a Company Voluntary Arrangement (CVA).
In any formal insolvency procedure it is important to consider the rights of the insolvent company’s employees. This is especially true during liquidation, where the company is being wound up and existing employees being made redundant.
Closing a Company with Debts
As the director of a company which is failing due to unmanageable amounts of debt, you may be considering liquidation in order to start a new business, without the worry of outstanding debt, poor reputation and unhealthy relationships with creditors.
You may have tried to rescue your business by seeking alternative finance such as invoice factoring to meet immediate cash liabilities, sourcing investment to raise capital or applying for a bank loan/overdraft. Due to debt levels and low cash flow, this may be difficult to secure as your business poses a higher risk of non-payment.
In the event of liquidating a company with debts and establishing a new company, there are a few restrictions which should be taken into consideration. This is to prevent company directors starting a new company in order to escape debt and the consequences. A new company which emerges from the liquidation of an old company with the same assets and typically the same directors is known as a phoenix company.
You may have tried to rescue your business by seeking alternative finance such as invoice factoring to meet immediate cash liabilities, sourcing investment to raise capital or applying for a bank loan/overdraft. Due to debt levels and low cash flow, this may be difficult to secure as your business poses a higher risk of non-payment.
In the event of liquidating a company with debts and establishing a new company, there are a few restrictions which should be taken into consideration. This is to prevent company directors starting a new company in order to escape debt and the consequences. A new company which emerges from the liquidation of an old company with the same assets and typically the same directors is known as a phoenix company.
Dissolving a Company
Dissolving a company: What you need to know
Company dissolution is when a company is struck off Companies House which is the public register on which official company information is displayed.
The harsh reality is that very few businesses last forever and there may come a time when you need to consider dissolving your limited company. There are a whole host of reasons why you may be looking into this option; your business may have been successful but has now served its purpose, or maybe it never got off the ground at all and has been sitting dormant ever since.
Company dissolution is when a company is struck off Companies House which is the public register on which official company information is displayed.
The harsh reality is that very few businesses last forever and there may come a time when you need to consider dissolving your limited company. There are a whole host of reasons why you may be looking into this option; your business may have been successful but has now served its purpose, or maybe it never got off the ground at all and has been sitting dormant ever since.
Winding Up Petitions
If your company is served with a winding up petition, it represents the most serious legal action a creditor can take. If nothing is done about it, the petition starts a series of events that disables your ability to trade, and ultimately means the end for your business.
Time to Pay Arrangements
As a response to the escalating coronavirus crisis the government has announced a raft of measures aimed at supporting businesses across the country as they deal with the ongoing Covid-19 outbreak and the knock-on effect to their business. As part of a support package announced during the March 2020 budget, it was confirmed that the existing HMRC Time to Pay scheme will be extended to give more companies a helping hand when it comes to managing their tax affairs. The Time to Pay arrangement gives companies additional breathing space during which to settle their existing HMRC liabilities, something which could be invaluable in the current climate while businesses adjust to the unexpected and rapidly changing circumstances.
Receivership
How to Stop Your Company From Going into Administrative Receivership
If your company has defaulted on a debenture that was created before 15 September 2003 then you could be at risk of being put into receivership, in which case you should continue reading the guide below, especially if you're interested in saving your company. If you've defaulted on a debenture or loan agreement that was created after the above date then you're at risk of being put into company administration.
If your company has defaulted on a debenture that was created before 15 September 2003 then you could be at risk of being put into receivership, in which case you should continue reading the guide below, especially if you're interested in saving your company. If you've defaulted on a debenture or loan agreement that was created after the above date then you're at risk of being put into company administration.
CBILS Loans
With businesses across the country facing challenges like never before in the wake of Covid-19, many companies are finding themselves in desperate need of outside funding as income takes a hit.
In response to this need, the government has introduced a new funding initiative known as the Coronavirus Business Interruption Loan Scheme − or CBILS for short.
In response to this need, the government has introduced a new funding initiative known as the Coronavirus Business Interruption Loan Scheme − or CBILS for short.
Can My Company be Rescued?
When you seek assistance from a licensed insolvency practitioner, their first objective will be to rescue your business and return it to profitability. This can be effected in a number of ways, depending on your company’s individual circumstances and the level of debt owed.
You may have heard the terms ‘business rescue’ and ‘business recovery’ - the processes associated with these terms include sourcing new funding, restructuring a company’s affairs including assets and debts, and entering formal insolvency solutions such as a Company Voluntary Arrangement or company administration.
Once you have recognised that a problem exists and that the company is in danger of entering insolvency, you should seek assistance from a licensed insolvency practitioner (IP). They will be able to assess your situation, and guide you towards the best options.
You may have heard the terms ‘business rescue’ and ‘business recovery’ - the processes associated with these terms include sourcing new funding, restructuring a company’s affairs including assets and debts, and entering formal insolvency solutions such as a Company Voluntary Arrangement or company administration.
Once you have recognised that a problem exists and that the company is in danger of entering insolvency, you should seek assistance from a licensed insolvency practitioner (IP). They will be able to assess your situation, and guide you towards the best options.
Expertise
A multi-disciplinary and partner-led practice, RBR Advisory offers a full suite of professional solutions to facilitate strategic change and add value. Engaged by business owners, lenders, law firms, and other key stakeholders we provide corporate and commercial advice in times of business growth as well as distress.
Commercial Finance
In a volatile and uncertain landscape, business has never been more challenging. With challenges, however, also come opportunities, yet being able to seize these when they arise is often contingent on having the right finance in place. Sourcing appropriate funding can be a serious challenge itself and the assistance of an experienced team of commercial finance experts can be invaluable.
Corporate Finance
Having the right advisers on board can help maximise returns whether buying or selling a company. Equally proficient with both acquisitions and disposals, RBR Advisory’s dedicated corporate finance team are specialists in the mid-market arena.
Corporate Insolvency
Ensuring the most appropriate way forward is chosen to maximise returns and minimise loss to creditors when a company is insolvent is paramount. Acting swiftly helps shield creditors from further losses as well as protecting the personal position of directors and shareholders. Dealing with an insolvent company comes with its own additional suite of responsibilities and obligations underscoring the need for the support and guidance of a reliable, trusted advisor.
About us
Leading specialists in providing expert advice on company debts, insolvency issues and corporate turnaround, Real Business Rescue have enough knowledge and experience to provide high-end consultancy services for businesses and organisations throughout the UK.
Based primarily in Manchester, we as a company are proud to be the UK's number one provider of director advice for companies in distress. We have helped numerous clients over the years come up with the best solution for their businesses that have multiple benefits.
Over the years, we at Real Business Rescue help those who are facing financial difficulties, which is very common across a broad range of industries. We have worked with multiple sectors including restaurants, hotels, haulage companies, gyms, events companies, care homes, bars and nightclubs, pubs, construction, recruitment, retail, theatre and cinema, automotive, IT, nursery, self-employed companies, manufacturing, professional services, sports clubs, transport, education and many more.
Here at Real Business Rescue, we offer an extensive range of professional services, some of which include;
Covid-19 Business Distress - Covid-19 Business Advice Centre, Bounceback Loans & Liability, Staff Payment & Furlough Concerns, Bailiffs and Debt Collection, Is My Company Now Insolvent?, Advice for Sectors.
Creditor & HMRC Pressure - Company HMRC Arrears, Winding Up Petitions, Can't Pay Commercial Lease, Can't Pay Corporation Tax, Can't Pay the VAT, Need Time to Pay from HMRC.
Cash Flow Problems - Overdrawn Director's Loan Account, Director Liability for Company Debts, Emergency Business Finance, Can't Afford to Pay Staff, Can't Afford to Repay Business Loan, Company Affected by Bad Debts.
Liquidation Solutions - Online Liquidation Assessment, Creditors' Voluntary Liquidation, Members' Voluntary Liquidation, Compulsory Liquidation, Director Redundancy Payments, COVID-19 Support Guide.
Liquidation Advice - Order of Creditors in Liquidation, Going into Liquidation, What Happens to Employees?, Liquidation vs Administration, Liquidation Process & Procedure, What is a Winding Up Order.
Company Closure - Closing a Company with Debts, Dissolving a Company, Liquidation & Personal Guarantees, Checklist for Company Closure, Liquidation Director Dispute, Winding Up Petitions.
Rescue Solutions - Company Administration, Pre Pack Administration, Company Voluntary Arrangement (CVA), Company Finance Lenders, Time to Pay Arrangements, Receivership.
Company Finance Solutions - Invoice Discounting, Attaining Company Finance, CBILS Loans, Bounce Back Loans, Debentures & Floating Charges.
Rescue Advice - Fast Track CVA, CVA vs Admin, Going into Administration, Pre-pack Administration Procedure, Can My Company be Rescued?
Based primarily in Manchester, we as a company are proud to be the UK's number one provider of director advice for companies in distress. We have helped numerous clients over the years come up with the best solution for their businesses that have multiple benefits.
Over the years, we at Real Business Rescue help those who are facing financial difficulties, which is very common across a broad range of industries. We have worked with multiple sectors including restaurants, hotels, haulage companies, gyms, events companies, care homes, bars and nightclubs, pubs, construction, recruitment, retail, theatre and cinema, automotive, IT, nursery, self-employed companies, manufacturing, professional services, sports clubs, transport, education and many more.
Here at Real Business Rescue, we offer an extensive range of professional services, some of which include;
Covid-19 Business Distress - Covid-19 Business Advice Centre, Bounceback Loans & Liability, Staff Payment & Furlough Concerns, Bailiffs and Debt Collection, Is My Company Now Insolvent?, Advice for Sectors.
Creditor & HMRC Pressure - Company HMRC Arrears, Winding Up Petitions, Can't Pay Commercial Lease, Can't Pay Corporation Tax, Can't Pay the VAT, Need Time to Pay from HMRC.
Cash Flow Problems - Overdrawn Director's Loan Account, Director Liability for Company Debts, Emergency Business Finance, Can't Afford to Pay Staff, Can't Afford to Repay Business Loan, Company Affected by Bad Debts.
Liquidation Solutions - Online Liquidation Assessment, Creditors' Voluntary Liquidation, Members' Voluntary Liquidation, Compulsory Liquidation, Director Redundancy Payments, COVID-19 Support Guide.
Liquidation Advice - Order of Creditors in Liquidation, Going into Liquidation, What Happens to Employees?, Liquidation vs Administration, Liquidation Process & Procedure, What is a Winding Up Order.
Company Closure - Closing a Company with Debts, Dissolving a Company, Liquidation & Personal Guarantees, Checklist for Company Closure, Liquidation Director Dispute, Winding Up Petitions.
Rescue Solutions - Company Administration, Pre Pack Administration, Company Voluntary Arrangement (CVA), Company Finance Lenders, Time to Pay Arrangements, Receivership.
Company Finance Solutions - Invoice Discounting, Attaining Company Finance, CBILS Loans, Bounce Back Loans, Debentures & Floating Charges.
Rescue Advice - Fast Track CVA, CVA vs Admin, Going into Administration, Pre-pack Administration Procedure, Can My Company be Rescued?
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