Helping businesses in Nottingham and across the region through the coronavirus crisis
With so many businesses experiencing extreme financial difficulty due to the COVID-19 crisis, the government has introduced wide-ranging and supportive measures for organisations of all sizes.
The social distancing rules and lockdown imposed in the UK have left companies struggling to deal with sudden and extreme financial decline, and the prospect of insolvency has become a real threat.
Although state intervention has been widely welcomed, the issue of developing supportive programmes ‘from scratch’ has meant delays for businesses needing vital payments to keep them going.
Real Business Rescue are business recovery specialists committed to supporting businesses across the whole of the Nottinghamshire region.
The team in our Nottingham office is led by licensed insolvency practitioner and partner, Kris Wigfield, who can offer professional advice and help you take proactive steps to save your business.
So what options might be available to you, both now and in the coming weeks and months? Here are just a few of the ways Kris and his team can help:
• Emergency financing
Additional finance could be the catalyst for business survival in this crisis, providing the vital funds to pay creditors and avoid liquidation. Real Business Rescue has professional contacts with a range of lenders - we can identify the most appropriate form of funding for your business at this time, whether that is alternative finance, traditional lending, or a CBILS loan, approaching financiers on your behalf.
• HMRC Time to Pay arrangement (TTP)
The HMRC Time to Pay arrangement, or TTP, is not a new initiative, but it has been extended by the government to help more businesses affected by the coronavirus crisis to repay tax arrears over time. Kris and his team at our Nottingham office will undertake vital negotiations with the tax body, with the potential to secure up to 12 months’ additional time to pay.
• Company restructuring
Streamlining and restructuring can offer a strong defence in times of financial hardship, and particularly against the negative effects of coronavirus. Sometimes businesses are viable in the long-term despite experiencing significant financial issues, which is where restructuring can be an ideal option. Kris will establish whether company restructuring is appropriate for your business, and identify the best steps to take. This could involve a formal renegotiation of debt via a CVA, for instance, or perhaps entering company administration.
• Expert advice
Our Nottingham team will assess your position and clearly present the best options. These may include formal or informal procedures with a view to business rescue, or if there is no viable way forward, ensuring your company is closed down in an orderly fashion via the statutory voluntary insolvent liquidation process.
If you would like to find out more about how we can help you and your business overcome the economic effects of coronavirus, please contact Kris and the team to arrange a free consultation with your local Real Business Rescue office in Nottingham.