Wine retailer Oddbins is the latest casualty of the economic downturn and has now had to call in the administrators.

Deloitte were called in try and sell the retailer so it can avoid going into receivership and ensure that all of the company’s 400 staff don’t lose their jobs.

Various other wine specialists have gone into administration in the last few years as they are faced with stiff competition from the supermarkets, including Threshers owner First Quench who collapsed in 2009.

The troubled company had proposed a Compulsory Voluntary Agreement (CVA), but one of the biggest creditors, HM Revenue and Customs who are owed £8million by the firm, opposed the idea.

If your company goes into liquidation, there are a variety of difference procedures depending on if the company has any assets.

If the company is solvent, you can go through a procedure of Members Voluntary Liquidation which involves an Insolvency Practitioner selling off any assets to pay debts and if there are any funds left over, it will be dispersed to members. Whereas if a company is insolvent, they must file a Creditors Voluntary Liquidation so that as many debtors as possible can be paid.

Whichever liquidation procedure a company follows, there is advice available to ensure you make the correct decision which can offer the best outcome for the situation.

Once one of the world’s most highly paid footballers, Paul Gascoigne has is now on the brink of bankruptcy due to an unpaid tax bill.

He owes more than £30,000 to Her Majesty’s Revenue and Customs despite being worth nearly £14million at the peak of his career.

In a last ditch attempt to avoid bankruptcy, the former England star has put forward a timetabled schedule to pay back his debts. If this is accepted, he can avoid bankruptcy proceedings.

Gazza became a millionaire in 1988 and had a series of high profile sponsorship deals with sports clothing manufacturers. Since quitting football, he’s battled with alcoholism and was given a suspended prison sentence last year.

The registrar at the High Court in London has adjourned the case until 13^th April.

Becoming bankrupt is not easy for any individual or company. Whether your company is facing receivership or compulsory liquidation, there is advice out there to help you make realistic decisions about your future.