If you’re looking for business insolvency help then you’ve come to the right place. There are two conditions where a company can be considered insolvent. The first is not being able to pay the bills because there are insufficient funds or not enough assets to cover them. That could mean staff aren’t paid, loans aren’t kept up to date and creditors are being ignored.
The second can happen when your assets are not worth more than your potential liabilities. While you may not have to pay them right now, and are still technically able to operate, you would not be able to settle if all your creditors suddenly wanted their money right now.
One way to deal with potential insolvency is to contact your creditors and see if you can come to an arrangement with regards to payment. You can also do this more formally through a legally binding company voluntary arrangement.
If you have numerous creditors after money, you might like to consider the more drastic action of going into administration. This can stop creditors from pestering you and ensure the company continues or at least gets sold. If the situation has got bad enough, you may not be able to stop this anyway.
The other option is to liquidate the company or wind it up. This can either be decided by the directors and shareholders of the company or can be instigated by a creditor or creditors.
Any period of insolvency is difficult for a business, so getting the right advice and guidance is important. At liquidation.co.uk, we have highly regarded licensed insolvency practitioners at your service, a great team who can help you make the right decision for your company.
Contact our team of experts today to see how we can help you.