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INSOLVENCY ASSISTANCE
WHAT IS CORPORATE INSOLVENCY?
When a company is unable to pay all debts when they are due, then it’s considered insolvent. It’s quite easy to see how this happens. For nearly every business, the financial model is quite simple. Money is earned through cash and revenue, and it’s then paid out through expenses and outgoings.
It’s important that the money going out never exceeds the money coming in, or the company can run into problems. Debts start to accrue, whether as a result of unpaid salaries, owing taxes or unpaid bills. Then, the business becomes insolvent.
CATCH THE PROBLEM EARLY
If a business is going into debt, then there’s a good chance you’ll be able to identify some of the early warning signs. Once these have been identified, you can start to put strategies in place to turn the operations around and possibly save the company. While it’s not always possible to return the business to normal operations, there’s a good chance that insolvency can be avoided.
The key is taking action as soon as the initial signs of trouble start to appear, instead of leaving the issues to fester over time. Doing so is only going to be detrimental to you, your business and your employees. It’s important to note that company directors have an obligation to seek advice and stop trading whilst the business is insolvent, in order to avoid personal exposure.
FAQS
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When can I be a director, alternate director or secretary again?
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