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Richard Simms Insolvency


Finance Issues

Pressure Explanation
Constant reliance on the company’s overdraft An overdraft is a short term finance facility and should be used as such.When the reliance on this facility becomes ongoing it is time to look for alternative finance facilities such as a loan which will accrue less interest than staying in the overdraft.


Constance reliance on an overdraft may highlight a lack of working capital within the company which is a sign of cash flow troubles.

Alteration to finance Finance alterations can happen so a business needs to ensure they have a contingency plan for this change.If your company’s finance facility is taken away tomorrow would you survive? What would you do? All key questions to have answers to when seeking finance in the first place.


Finance facilities can be taken away or reduced and if a company is too reliant on this cash then this could become a problem.

Non-compliance with VAT/PAYE HMRC are typically the main creditors for a company and are the main ones who will take legal action if they are not paid.VAT/PAYE bills are the main ones ignored when a company cannot afford to pay all creditors one month. Keeping HMRC informed if you cannot make payments is better than just ignoring them and hoping they forget about you.

HMRC do set up Time to Pay agreements with businesses to help them pay their missed bills over a set period of time.

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