What is Insolvency?

If a company does not have sufficient assets to cover its debts or if it is unable to pay its debts as they fall due.

Examples:

Outstanding Bills

1. Stock £2,000, Trade Debtors £8,000, Creditors £50,000

2. Trade Debtors £20,000, Creditors £40,000 (no other Assets)

3. Vehicle £5,000, Stock £2,000, Bank £1,000, Plant & Machinery £8,000, PAYE £2,500 VAT £4,000 Trade Creditors £45,000.

Insolvency Test

Deciding whether liquidating a company for you is the best solution can be a difficult decision.  To make your decision easier, our insolvency advice begins with the following questions.

Are you being chased by your creditors’?

Are your assets worth less than your debts?

Have any creditors taken legal proceedings against the company?

If any of the above examples are similar to your current situation contact us today for a free no obligation chat with one of our experienced professionals.