Rangers owner Craig Whyte has sensationally admitted that the club could soon be in administration if they fail to pay a huge £40million tax bill.

The new man at the helm at the Ibrox Stadium has recently stated in a press conference that the club are “preparing for a doomsday scenario” if they fail to pay an outstanding £40million tax bill. There are a few different things that they could look into, one of which is factoring. Then there are the a few other routes that they could look into. For example they could look at trying to get an outside investor in who would be able to take on the debt so that it is no longer Rangers’ fault.

They could also look into getting a CVA, or a company voluntary agreement. This is where they agree to repay their debts over a period of time to the people, or company that they owe it too.

On top of these there are many other different things that they could do to sort out their debt, but the one thing that they don’t want is someone who comes in with the sole ambition of destroying the club or essentially, asset stripping it. This basically means, selling off the players, the grounds, the stadium, just absolutely everything that they can make money on and the land is then sold for residential or commercial use.

There are plenty of examples of real business recovery out there and Rangers will be a fine example if they do manage to win this battle with HMRC.

Today is the day which sees many retailers pay their quarterly rent and could see the industry facing more troubles.

Last rent payment day saw Jane Norman, Habitat and TJ Hughes fall into administration and many retailers are still struggling after retail sales fell in August and September.

Figures from the CBI said that September was the worst month for retailers since May 2010, as sales had fallen by 0.2% in August and problems caused by the riots continued to dog the high street.

It is expected that banks will be more lenient on struggling retailers as the busiest shopping period of the year approaches and will be more willing to extend credit until after the festive season.

One in four retailers say that they are suffering cashflow problems, with 8% saying that they expected their business to collapse in the next year. If your business is struggling in the current economic climate, here at Real Business Recovery we could help you and your business to stay solvent despite the challenging times.

We have successfully helped a number of businesses with advice on everything from managing cashflow through confidential invoice discounting to implementing a company voluntary agreement to pay back creditors to closing a company and liquidation. We aim to provide businesses with accurate and realistic advice to make sure that you get the right solution for you, your employees and your creditors.

Retail company the Hub has gone into administration, with the loss of 57 jobs.

The chain, selling household goods at low prices, had stores in Lichfield, Stafford, Telford and Manchester. All stores have now been closed for good, after being shut down for refurbishment a few days ago. Liquidators are set to be appointed in the next few days.

The company was created by Poundland co-founder David Dodd. He said:

“Having taken independent professional advice, we have reached the difficult decision that liquidation is in the best interests of all involved.”

Many businesses are struggling in the current economic climate, but there are a number of options available to help your business stay afloat and in profit.

If you’re suffering with cashflow issues, considering business invoice factoring could help your business.  This involves passing on your debtors’ book to a specialist company who will chase your debts for you. Using factoring allows you to save time and resources on chasing your debts for a small fee, and can also help maintain positive relationships with your customers so you keep your business in the black and not the red!

However, if you do what to find out how to close a limited company because that is the best option for your business, there are also resources out there to help you. Here at Real Business Recovery, we have experience of helping companies from a range of different sectors with their business recovery requirements, so visit our site or get in touch today to see how we could help you.

The money troubles for Pompey still aren’t over as the club could face a potential legal battle over a promise by the club’s owner to pay back all small creditors in full.

The club took out a Company Voluntary Agreement, also known as a CVA, back in 2010 to help pay off some of the club’s £135 million debt.

The terms of the CVA stated that the club would pay off at least 20% of their debt over 5 years, however owner Balram Chainrai said at the time that small creditors (those owed less than £2,500) and charities would be paid off in full at a cost of almost £200,000 to him.

However, chief executive David Lampitt told supporters at a fan forum that it is not the responsibility of the club to pay back all the money.

“What was a positive gesture to pay 100 per cent of what they were owed rather than 20 per cent was a positive thing. There was no deadline, but we are keen for it to happen as soon as possible”, he said.

“I have to make it clear the debt and liability does not lie with the football club. There is, I guess, a bit of legal wrangling to sort that situation out.”

Whatever area of business assistance you require, whether you’re having problems paying VAT, need advice on improving your cash flow situation or are thinking of closing down a company, contact Real Business Recovery.

Troubled retail firm Ethel Austin has been bought by entrepreneur Sue Townsend, saving 470 jobs at 62 stores.

The budget clothing chain went into administration back in February 2010, the second time it had gone into administration in two years.

The company was set in up the terraced house of Ethel Austin in Liverpool in the 1930s. It had over 270 stores at its peak and over 3000 employees.

Ethel Austin is now owned by the Ashloch company, owned by Sue Townsend who is a former director of Blackwells bookshops and won the Everywoman Director of the Year Award in 2009.

Ms Townsend said: “I am delighted with the conclusion to the purchase of the Ethel Austin chain and I am looking forward to the opportunities and challenges of returning this once great brand back to profitability.”

Companies who are concerned about their cash flow and the possibility of going into any form of administration, including pre-pack administration, should seek help and advice sooner rather than later.

There are a number of options available to struggling companies such as a company voluntary agreement between you and your creditors and debt restructuring, so you can find the help you need to keep your business solvent or get advice on winding up your company if that is the best option for you.

The number of insolvencies in England and Wales in the second quarter of 2011 increased, according to recent statistics published by the Insolvency Service.

Overall, it showed that the number of company insolvencies amplified whereas the total individual insolvencies in fact decreased.

In general, in the twelve months ending Q2 2011, approximately 1 in 139 active companies went into liquidation and around 1 in 349 people became insolvent.

The official Insolvency Statistics are the most comprehensive record of the number of corporate and individual insolvencies in England and Wales and the study findings derive from administrative records of the Department for Business, Innovation and Skills (BIS)’ Insolvency Service and Companies House Executive Agencies.

Here is a breakdown of the statistics…

COMPANY INSOLVENCIES

The released figures show that there were a total 4, 233 company compulsory liquidations and creditors voluntary liquidation in the months April-June this year. This is a rise of 2.7% on the previous three months and an increase of 4.4% on the same period one year ago.

And within these findings, it showed that there are much more creditors’ voluntary liquidations as opposed to compulsory liquidations because of the total figure;1,290 were compulsory but 2,943 were creditors’ voluntary.

The numbers of compulsory liquidation has soared by 19.8% from the previous quarter and is up by 11.1% from the same quarter in 2010.

There is some sign of improvement in that the number of creditors’ voluntary liquidations fell by 3.3% from Jan-March 2011 but is still an increase of 1.7% from 2010.

As well as the 4,000 plus insolvencies, there was also an additional 1,232 other corporate insolvencies which represent a 6% drop. These included receivership (350), administrations (695) and company voluntary arrangements (187).

INDIVIDUAL INSOLVENCIES

The statistics reveal that there was a reduction in the total individual insolvencies in England and Wales in the second quarter of 2011.

There were 30,513 individual insolvencies overall which is a 12.2% fall from 2010. This includes bankruptcies (11,113), individual voluntary arrangements (12,143) and debt relief orders (7,257).

Most of these financial services from the corresponding quarter of 2010 were down; bankruptcies fell by 25.8%, IVAs had sunk by 9.8% but DROs had risen 15.3%.

TJ Hughes has fallen into administration and yesterday the administrators announced the closure of many of its stores, resulting in the loss of over 1000 jobs.

The Liverpool-based retailer, who is being managed by Ernst and Young, will close 22 of its stores nationwide meaning 1,061 staff will be cut.

Tom Jack, E & Y Joint Administrator, said: “It is regrettable that we have had to schedule these store closures and we are extremely grateful to the employees and management at all the group’s stores, at the head office and at warehouses for their loyalty and support during what has been a very difficult and uncertain time.”

Buyers are being sought for the remaining 33 stores of the discount department chain, while trading stock through the group’s whole portfolio. The chain has a massive £10 million debt and earlier this week the administrators revealed that Lewis’s Home Retail had acquired TJ Hughes’ stores in Liverpool, Eastbourne, Glasgow and Sheffield, saving around 450 employees and their jobs.

Stores that are closing in both England and Scotland include Birkenhead, Bolton, Boscombe, Burnley, Chester, Crawley, Hull, Kettering, Kidderminster, Macclesfield, Nuneaton, Rochdale, Shrewsbury, St Helens, Stretford, Walsall, Watford, Weston-Super-Mare, Widnes, Wolverhampton; and Dumfries, Dundee.

Not so long ago Real Business Recovery blogged about the fact that more than 100 retailers fell into administration in the first six months of 2011. It is clearly a very difficult financial time for all businesses, so it is imperative that you seek financial help sooner rather than later.

So if you are struggling with cash flow, receivership, administration or members voluntary liquidation; contact the UK’s leading experts in business recovery at Real Business Recovery for some real, realistic and relevant advice.

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.

Administrators were called in to 103 retail businesses between January and June this year according to Deloitte.

In the first quarter of the year, 60 retailers went into administration and 43 companies failed in the second quarter, which is an increase of 8 percent compared to the same period last year.

A significant number of high street names including Habitat, Jane Norman and Oddbins were amongst the companies who were affected.

Lee Manning, of Deloitte, said: “The retail sector is going through a significant period of change with many companies buckling under the pressure of weakened consumer confidence and a sluggish economy. “This signifies that the severity of retail distress is far greater than the absolute figures suggest.”

With tough times ahead for many business, it is important that owners of organisations get help sooner rather than later. Companies that are worried about cash flow problems, receivership, compulsory liquidation or simply just want advice on managing their business more effectively during the tough economic climate can contact Real Business Recovery for help and information on all aspects of business administration and how to prevent it.

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.