Company insolvency is a serious matter, and you need good advice to protect your personal assets.
If your company is experiencing financial problems then you may need to take urgent insolvency advice before you become guilty of wrongful trading. Company insolvency rates have increased by 62% in the last quarter from the proceeding year, and so it is clear that global economic factors have seeped down into the local economy.
You can spot whether your company may be in the grip of some financial distress with two classic tests: Are your assets less than your liabilities and can you pay your debts as and when they fall due? If you fail either of these tests then your business may be insolvent.
However, just because you fail the tests it does not mean that you face company insolvency. If, when you consider the matter further, you also recognise these additional signs, I would suggest that you contact us to discuss what you could do to alleviate your problems.
Additional Signs of Company Insolvency
- Are you failing to make your VAT and tax payments by due dates?
- Are you having cheques returned by the bank?
- Are you continually at the ceiling on your overdraft?
- Are you changing suppliers for new lines of credit?
- Are you personally putting money in the business to keep it afloat?
If you recognise any of these signs then your company may be insolvent. You may still have a viable and vibrant business that, with a few changes, could flourish without these problems. We can help you find a solution to your company’s insolvency.
If you would like to talk about company insolvency in London to a specialist with many years corporate insolvency experience then enter your details into the web form below for a no-obligation chat.
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