Wrexham FC are facing financial trouble as the co-owner of the club admits they have run out of money.

A number of pre-season friendlies were cancelled after the management were unable to pay their players’ wages. The 2011 – 2012 season is due to kick off on 13 August, but this could be in doubt if the club isn’t sold in the next few weeks.

Manager Dean Saunders said: “The players are due to be paid at the end of the month and I’ve been told that they’re not going to be paid, so I’ve informed the players so that they they’re not shocked.

“I’ve come in after training, they’ve had a meeting among themselves and they don’t want to play.”

Football clubs who are struggling with money can choose to enter administration as a way of dealing with their debts and cash flow problems. League One club Plymouth Argyle called in the administrators earlier this year and in 2010 Portsmouth became the first Premiership club go in administration.

However, this isn’t a risk free option for clubs as any team who enters administration is automatically docked 10 points, which could see them relegated so owners and chairpersons of clubs need to consider all their options carefully.

It’s not just football clubs who need to think carefully about their financial decisions. Any company who is facing money worries has a number of options, from receivership to members voluntary liquidation, but any decision must not been taken lightly. Here at Real Business Recovery, we can offer expert advice on all aspects of business bankruptcy and always suggest the best solution for your needs, not those of your creditors.

It seems Eva Longoria has been going through some desperate time as of late… (sorry, we couldn’t resist the pun!)

The “Desperate Housewives” actress has shut the doors of her Las Vegas nightclub thanks to financial troubles.

Eve Nightclub closed on Monday after struggling to wipe its massive $5.7 million debt. Situated within the CityCentre complex on the Las Vegas Strip, the club was attached to her restaurant Beso Steakhouse- both of which opened in December 2009.

Lenard Schwartzer, Beso LLC bankruptcy attorney, said that the restaurant will remain open to the public because it is profitable but that the nightclub will eventually be renovated and reopened.

Beso LLC filed for bankruptcy in January to remain open and operating whilst reorganising the millions of US dollars of debt. The federal Chapter 11 filing claimed the nightspot was losing more than $76,000 a month.

Another company has already expressed interest in acquiring the problematic venue. Ashley Madison, an online dating service, has reportedly reached out to the 36 year-old in a letter, saying: “There is great potential in the location…a main barrier to Beso’s success was its branding as a singles’ club.

The letter, written to Schwartzer & McPherson Law Firm, further states: “We are extremely interested in stepping in to fill this void and with this letter we formally express our interest in exploring a potential acquisition with you that could hopefully take Beso LLC out of Chapter 11 protection.

“We are saddened to learn of your client Beso LLC and its owner Eva Longoria’s financial difficulties with respect to their hospitality venture and their Chapter 11 bankruptcy filing.”

Longoria owns nearly one-third of the business but is also listed as an unsecured creditor. The American has only recently published her first book “Eva’s Kitchen: Cooking with Love for Family and Friends”. The book hit stores on 12^th April 2011 in what she described as “really a memoir of my life told through food. It’s an insight into how I grew up and how my cooking has evolved. It’s also about my experiences, my travels and my life. It’s a pretty personal book.”

If you too are facing bankruptcy or any other financial trouble such as receivership or members voluntary liquidation; speak to the experts in business recovery at Real Business Recovery today.

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.

Recently the Insolvency Service forced business liquidation on Travel Market and Decode Car Hire which were running websites that purported to have a worldwide search engine to get the best deals on car hires. 

Mass complaints from consumers led to an investigation which resulted in both companies being bankrupted on the grounds of public interest. Complaints lodged against the company spoke of consumers paying upfront for car hire only to be awarded a voucher that was unredeemable. 

When consumers presented the vouchers to the individual car hire lots they were told that no payment had been made by either Decode or Travel Market. After trying unsuccessfully to obtain a refund, consumer complaints began flooding in. 

To compound the matter even further, both companies no longer operated at the registered addresses and attempts to contact them were likewise unsuccessful. After an investigation, it was found that the business was in fact being run from Latvia. 

The Insolvency Service’s company investigations supervisor, Chris Mayhew, stated that both businesses were actually operated as fronts for questionable offshore business activities. This is one of the leading reasons for forced business liquidation in the UK. 

Any company that tries to defraud the public will quickly learn how serious the UK is in winding up businesses in the public’s best interest. Whilst there may be no defense against wrongful activities, there could be times when false accusations and fraudulent claims can lead to being placed under scrutiny by the Insolvency Service. 

If any business believes that it has been unjustly accused, rather than face forced liquidation it would be wise to seek counsel from an insolvency solicitor. However, if a business is out to deceive the public then penalties in the UK are strict leading up to bankruptcy and perhaps even criminal prosecution.

A government sponsored insolvency service will lay off over four hundred employees this month, as falling demand for public insolvency support leaves many positions unnecessary. The Official Receiver (OR) has invited employees to submit voluntary resignations over the next year, as low demand for its services and poor company morale has left many employees seeking time off.

The Insolvency Service is one of the government’s most frequently absent staffing sectors, with an estimated sixty percent lead in absent employees above its counterparts. Morale at the organisation is reportedly fairly low – an observation that’s backed up by the six-hundred strong applications for voluntary relief and resignation. Around 400 staff are expected to leave the service this year.

The reduction in staff comes alongside a prediction that personal and corporate insolvencies will fall this year, although many in the organisation are unsure of this occurring. While insolvencies have decreased in many parts of the country, some economic sectors continue to see bankruptcies and pre pack administration packages on a weekly, sometimes twice-weekly basis.

There are even concerns that, with its lower staffing levels, the service may no longer be able to assist individuals and businesses with their insolvency issues. However, the Insolvency Service, now affiliated with a number of other bankruptcy and insolvency offices, has promised to keep a fair level of staff onboard to take care of small business insolvencies and personal cases.

Personal and business bankruptcy figures in the United Kingdom have been a major talking point over the past two years, and they continue to feature prominently in the news. What isn’t showing up quite so often, however, are the vast regional differences in insolvency rates. Many of the UK’s large towns and cities have avoided the insolvency bug entirely, while others have been hard hit.

London has been home to a greater deal of insolvencies than many smaller UK cities – a reality that many believe is due to a greater service economy within the city. Firms that specialize in marketing and advertising – two sectors that have historically seen reduced spending during recessions – have been hit harder than many in manufacturing, resulting in a disproportionate amount of insolvencies.

Then there’s the large amount of exporters and import-driven businesses throughout the UK, many of which have been caught up in major currency and demand fluctuations. What most insolvencies share is a ‘greater motion’ effect, in which the economy as a whole has seen reduced business. For a great deal of Britain’s businesses, it’s going to be important to avoid this effect in the future.

Who said bankruptcy was on the way out? While the amount of people filing for bankruptcy, both in the United Kingdom and in the United States, has largely levelled off, the total value of today’s bankruptcy cases appears to be at its highest point in history. A total of $3.2 billion was subject to court management in bankruptcy cases this year – a new record for the United States’ court system.

The amount was split between major business bankruptcy cases and smaller personal bankruptcy proceedings, with many being traded by insurance companies specializing in the field. The value that can be assigned to a bankruptcy case is often quite significant, allowing creditors to release a portion of their claims in a company to creditors, in return for an end to proceedings against it.

As of now, the biggest case currently being traded is that of Lehman Brothers Holding Inc, a major investment bank that fell during the global financial crisis. Other major companies – formerly some of the nation’s biggest and most profitable – have also been involved, including Motors Liquidation Co. – the post-bankruptcy form of the formerly profitable General Motors Corporation automaker.

It was one of the biggest business bankruptcy cases in United States history, and now it could lead to one of the biggest litigation cases in the last decade. Washington Mutual, once a consumer and retail bank, filed for bankruptcy last year in one of the most spectacular financial falls of the credit crisis. The bankruptcy affected millions of individuals, both in the United States and overseas.

Now, it’s due to transition into a lengthy and potentially expensive legal struggle, with major banks such as JPMorgan Chase – which owns a large portion of the bank’s existing equity – struggling to move through the bankruptcy proceedings in court. For the hundreds of thousands of retail account holders that still worked with WaMu, the proceedings aren’t likely to be a pleasant experience.

Banking insolvency cases on this scale have been fairly rare in the United Kingdom, with the major banks throughout nation appearing to hold up relatively well next to their US counterparts. Personal bankruptcy cases, however, are still an issue. While Washington Mutual is likely to be fought for in court for quite some time, it’s the thousands of poorly treated account holders that are likely to hurt.

Over the last year, business bankruptcy cases in the United Kingdom have remained at a fairly low level when compared to the figures seen just twelve months before. The economy, despite being an overall sluggish performer when viewed historically, has recovered, with thousands of medium and small sized business that were once facing insolvency back in the black and operating smoothly.

However, it’s not quite the same situation on the personal front. Thousands of UK individuals still struggle with debt that was accrued during the financial ‘excess’ period, with many families seeing to mortgages and credit card debts that have existed for quite some time. The picture, it seems, is a fairly dire one, although it’s nothing compared to the issued observed in the United States.

Despite the ‘improving’ economy, personal bankruptcy filings remain at their highest level in over five years, with more American individuals filing for bankruptcy than ever before in history. It’s a classic fallout scenario from years of overspending and a supposed ‘recovery’ – families that over-extended their credit are now struggling to meet recurring payments, and often paying the price.

It’s entirely likely that the amount of people filing for bankruptcy, both in the United States and in most of the United Kingdom, will fall over the next twelve months as the economy moves bank to its normal levels. However, it’s worth a think – if today’s economy is in a state of recovery, why is the personal bankruptcy rate continuing to reach record high levels?

Bankruptcy is all about statistics, many of them quite shocking, and another has been revealed this week. Official reports have shown that more than 1,100 businesses collapsed every working day last year, the highest level since Office for National Statistics records began a decade ago.

The figures equate to almost one in eight businesses being closed down over the year, with 279,000 firms going under in total.

With each firm employing an average of four to five people, that means around 1.25million people lost their jobs due to the collapse of their employer.

Jane Bennett, head of campaigns at the Forum of Private Business, said: “Many veteran business owners well into their 60s have told us that they have never known such difficult trading conditions. We are by no means out of the woods yet. Businesses are just as vulnerable to failure coming out of a recession as they are during one.”

The worst-hit sectors of business were construction, transport, storage, accommodation, food, information, communication, business administration and support services.

Prue Watson, from the Federation of Small Business, said: “For small businesses, 2009 was an incredibly tough year. Those that did survive faced tough conditions with refusals for loans and overdrafts at a high, big business debtors paying up to 120 days late and a lethal cocktail of a decrease in trade and an increase in costs.”