Possible work closure

Thespoofer

A little bit of background history about the company I work for, I'd like your opinion on if you can.

Small construction orientated company has large debts since the crash as it bought a large warehouse at a hugely inflated price along with purchasing , in my eyes, very expensive, outdated, unnecessary and huge running cost equipment ( doesn't really need it now to keep running ) and overall a lot of bad management decisions.

The director ( owner ) has all his personal assets ( family home, other properties etc ) tied up in this huge mortgage so I believe going under would not be his favourable option.

A couple of years back we believe the bank has been keeping it on life support, the general feeling is the bank are paying the wages etc as the company and owner must submit monthly breakdown if all outgoings etc.

Recently, they undertook a large contract which we all know, didn't go according to plan as they completely mis priced it and have lost all profits and possibly cost them money in the end, again bad management decisions.

I have now noticed that a lot ( most ) of their supplier accounts are stopped, they are buying materials on credit card, cash etc ( even basic stuff ) and the owner has been heard mention to employees that he may let go some workers for a few weeks to save a few grand.

My question I suppose is, in a plan as such with the bank, what does the company need to bring to the table to keep receiving this support and at what stage does the bank say enough is enough and shuts them down, if at all ?

Finally to add, the company recently has been on the Revenue defaulters list for a range of unpaid taxes, etc ( very substantial ) which we think they paid and the general way things are run is a reactive and not pro active manner, causing constant haemorrhaging of money, which can be very frustrating as the owner tends to keep his head in the sand.

A slow death or what ?

Thanks for reading.