When you have to borrow hundreds of thousands of pounds from clients to meet the VAT bill, it may ring alarm bells that cash flow is not what it should be.
If you are drifting towards insolvency, it is a truism that you should take action sooner rather than later, and not work on the basis that “something will turn up”.
Meanwhile buyers are still being sought for some or all of the firm, with or without some kind of administration.
Thoughts on the staff position at our sister blog.
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