What is Insolvency?
Let us start with a definition of insolvency. Insolvency occurs when a person (or business) is unable to pay its debts as and when they fall due.
So, if you owe Bill say £300 that should be paid on Tuesday, but you cannot pay Bill until Fred pays his £500 invoice on Friday, then technically, you are insolvent. This can happen to an individual or a company.
Insolvency falls into two categories:-
Personal insolvency.
Not being able to meet your credit card payments, store cards, or maybe just not enough money left to pay the bills. All these are symptoms of insolvency.
There are various rescue routes that are available, and each of these applies in different situations. The answer is to get professional advice by calling us for a FREE interview when we can identify the problem, and chat through your options.
The longer the individual waits before seeking advice, the greater the problem is likely to be. Personal Insolvency can lead to Bankruptcy, but does not have to.
Business insolvency.
It is a CRIMINAL offense under the Companies Act of 1985 for any director of a company to continue to trade knowing (or believing) that the company is insolvent.
Having said that there are many things that can be done to reverse the trend, stop the situation getting worse, or ensure a safe and honorable exit Strategy. We can help with any and all of these issues. Please contact us for a free initial interview and assessment.
Our services are free from any cost or commitment. After the meeting we will be able to advise you as to the best course of action.
You have nothing to loose.
Nothing is worse than doing nothing.
