Insolvency Advice For Pubs or Bars Affected By Corona Virus
Social isolation measures have all but stopped our business overnight. We can’t pay our bills and need immediate advice on our situation.
If you are a UK publican or bar owner, then the Coronavirus will have impacted you harder than almost any other business.
You will be extremely worried about potential insolvency, perhaps even fearing that you have already crossed the threshold.
Here at Company Debt, we specialise in helping limited companies through tough situations. We also have a great deal of experience in the catering and hospitality trade, having helped many pubs over the years through tribulations caused by beer duty and rising property prices.
To quote the British Beer and Pub Association chief executive Emma McClarkin ‘
“Thousands of pubs and hundreds of thousands of jobs will be lost in the very short term unless a proactive package creating cash and liquidity is provided immediately to the industry. Forced pub closures without a meaningful support package will have a catastrophic financial and social impact.“
This page is intended as a guide offering you options and a way forward.
Advice and Support for Pubs Affected by CoronaVirus
Here are the steps we advise
(1) Read our daily updated page on the business support currently available for UK businesses: https://www.companydebt.com/articles/coronavirus-business-help/ throughout this crisis.
(2) If you feel the government support offered is not enough to save your business, you will need to speak with us immediately. Our advice is free and without obligation. We’re on livechat every day, our phones are staffed, or if you want to email we can book a consultation that way.
How do I know if My Pub is Insolvent?
The test for insolvency is simple:
- Do you debts outweigh your liabilities?
- Can you pay your bills on time? If not, you are likely insolvent
Use our free online insolvency test tool to confirm the figures… it takes less than 2 minutes
My Pub Can’t Pay HMRC on Time, How Can We get a Time to Pay Arrangement?
HMRC are going to be extremely flexible at the moment and the government has hired 2000 more people and created a dedicated helpline if this is your concern.
HMRC Coronavirus Helpline
Telephone: 0800 015 9559
Monday to Friday, 8am to 8pm
Saturday, 8am to 4pm
We are experienced HMRC mediators so if this is something you would like support on please do make contact with our team.
What are the Options if Coronavirus has Pushed my Pub or Bar into Insolvency?
Insolvency practitioners also deal with the rescuing of companies are there are various measures we use to do so. The best solution would be to make contact with us to explain your particular situation, and we can then best advise what your options are.
They may include:
Finance – We have professional contacts with multiple lenders. Let us help you find the right deal
Company Voluntary Arrangement – If you creditors are clamouring, the CVA process allows for an insolvency practioner to propose to them a structured repayment plan for a percentage of the debts. This means you can write off part of your debt, and avoid going into insolvency. It has to be agreed upon by creditors, read our full page on CVA’s here.
Voluntary Liquidation – Rather than waiting to be forced into compulsory liquidation, choosing voluntary liquidation allows directors more control over the process. Known as Creditors Voluntary Liquidation, this process could also be a useful choice for publicans and company directors concerned about personal liability.
Free insolvency guidance for pub landlords and bar owners
Get in contact with our friendly and experienced team by livechat, phone or email. The live chat is staffed by humans not robots and our advice is free.