Supporting businesses in Hull and across the region during the coronavirus pandemic

Covid-19 supporting businesses

THE social distancing measures and other restrictions introduced to combat the spread of coronavirus are creating untold disruption for businesses around the UK. Decreased consumer demand is causing unmanageable financial difficulties for many businesses, despite government interventions to support the economy.

The loan and grant schemes and support for employers and the self-employed, have helped in some instances, but for many businesses the problems they are facing are so severe that closure may be the only option.

In these challenging circumstances, professional advice can make the difference between success and failure; if your business is facing ruin it is important to seek advice quickly. The steps you take now could have a huge impact on whether your business survives in the future.

Real Business Rescue specialises in rescuing business from financial distress. We are dedicated to supporting company directors, business owners, and stakeholders in the Hull area and across the whole region.

From our office in Hull, partner Andrew MacKenzie and his team can offer valuable insight into your situation, listening carefully to your specific issues and tailoring their professional advice to your business.

Here are just a few of the ways the team at our Hull office can help you deal with the financial challenges your business is currently experiencing:

·        Time to Pay arrangements and negotiation support

HMRC run a scheme that offers eligible businesses extra time to clear their tax arrears. Access to the Time to Pay (TTP) scheme has now been broadened to support more businesses through the coronavirus outbreak, and Andrew and his team can negotiate with HMRC on your behalf. A Time to Pay arrangement offers up to 12 months extra time to pay your tax arrears.

·        Emergency funding and additional finance

We can assess whether emergency funding is needed to bolster your cash flow and avoid business closure, and have professional contacts with a range of lenders. We will identify the most appropriate form of funding, and approach the lender on your behalf where necessary. If a CBILS or Bounce Back Loan is more appropriate, we can also provide valuable assistance with your application.

·        Professional insolvency advice

As a licensed insolvency practitioner, Andrew can provide reliable insolvency advice for your business. If closure is your only option, he can act as liquidator and ensure the company is closed down according to the Insolvency Act 1986.

·        Company restructuring processes

In some cases, entering into a formal insolvency procedure will be necessary to protect the business from creditor legal action. We will carefully present your options, which could involve such measures as a Company Voluntary Arrangement (CVA) that restructures your debts, or entering company administration.