Are we insolvent?

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


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