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My Business is Insolvent. What Next?

My business is insolvent. What Next?

Contact a licensed Insolvency Practitioner for advice as soon as possible.

Recognising the Solvency of your Limited Company?

It is essential if you operate a limited company and hold office as a director to manage the solvency of your business and understand how to measure its solvency.

A limited solvent company can pay its debts when they fall due, and has assets more significant in value than its liabilities.

However, an insolvent limited company may experience financial issues, like poor cash flow and liabilities more significant than its assets. 

Solvency guidelines below detail the above to assist company directors on their company’s solvency:

  • Cash-flow test
    • Is your limited company unable to pay its debts as and when they fall due for payment? If yes, your business is considered insolvent and requires further cash injection or the services of a licensed insolvency practitioner.
  • Balance sheet test
    • Suppose your limited company owes more than it owns in assets, or the company’s assets remain lower than its liabilities. In that case, your limited company is insolvent by its balance sheet.
  • Legal action test
    • Suppose a creditor (someone the company owes money to) has received a court ruling, even if the company disputed the debt. In that case, the company must prove your company’s solvency.

My Business is Insolvent. What is NextMove?

Should you answer YES to any of the above three tests, usually means your limited company is insolvent and requires the services of either a rescue or recovery procedure by a licensed Insolvency Practitioner.

So proceed as follows:

  • Stop increasing debt
  • Act in a manner to protect creditors of the failing company;
  • Cease trading until advised by an Insolvency Practitioner.

Obtain Insolvency advice as soon as possible!

Once you realise your limited company is insolvent?

Once insolvency is accepted, you have appointed an Insolvency Practitioner to advise you and your company.

It is important to prepare for your first meeting with a licensed insolvency practitioner?

It is important to carry out pre-insolvency planning and understand the duties of an insolvency practitioner.

HBG Advisory carry out pre-liquidation solvency planning.

We further explain what happens to a director of an insolvent company?

and what happens to my employees in liquidation?

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