If your business is under pressure you may be experiencing
some, or all, of the following:
> Your bank will not increase your overdraft limit.
> You are constantly fire-fighting creditors who are threatening legal action.
> Bailiffs or Sheriffs have visited your premises.
> You have entered into deals with the Inland Revenue and VAT and have
Not managed to keep to them.
> You can’t remember the last time you paid yourself some wages.
> You cannot sleep and dread the thought of going to work.
There are two tests for insolvency:
> A business cannot pay its debts as and when they become due, or
> A business has more liabilities than it does assets (balance sheet test).
> You cannot pay your debts.
> Creditors are taking legal action against you.
> You can’t pay staff wages.
> The business is trading at a loss.
> A business has more liabilities than it does assets (balance sheet test).
What are my duties as a director?
> You should make an early decision on whether the company should cease to trade or risk being held personally liable for some of the company’s losses.
> If you continue trading you will need to be sure that the company has reasonable prospects of avoiding liquidation.
The Way Forward?
> Contact us immediately for confidential impartial advice. > We will assess all the alternatives available to your business.
CLICK HERE for the Telford Jones online enquiry from to see if we can assist you.
T 01451 832533 E info@telfordjones.co.uk
Our experts are available Monday to Friday
between 8:30am and 5:30pm