Most of us recognise that it is very important to keep on top of our finances when we own a business. This applies to all types of business including limited companies. If a company is unable to meet it’s liabilities as and when they fall due then the company can be deemed as insolvent. In other words it has more liabilities than assets.
It is important to realise that a limited company did not become insolvent over night. If your company is insolvent then you need to consider seeking advice on company insolvency. You really need to sit down with a good experienced insolvency auditor if you own a small business or a turnaround practitioner if your company is turning over more than a million in sales. An insolvency auditor will be able to advice you of all the options open to you even if creditors are banging down at your doors. It is never to late to seek professional advice from an experienced insolvency auditor.
What does Company Insolvency Mean? To find out watch the video below or scroll down to read…
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At the end of this short video you will understand:
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What should you look out for?
I see company directors daily who are facing financial difficulties and yet they continue struggling to make ends meet rather than seek professional advice which could help save the business before it becomes too late. But more often than not they normally arrive at the last hour when they have run out of all other avenues of survival. It is always very difficult to admit that you are losing control of your company and you need outside help.
For example you might find you are always juggling money to ensure you have enough to pay your bills. Similarly you may find your overdraft is always being squeezed and you cannot get an extension on it from your bank. If you let your bills become overdue on a regular basis, you should take this as another red flag and seek the advice of an insolvency auditor to help you find ways to save your business before it is too late. Life is not easy when you don’t know who to turn to for the best advice when you are running out of time and money fast.
Is it possible to ward off company insolvency?
The good news is that it is, but you must learn to recognise the earliest signs that there may be a problem. Recognising your financial situation and dealing with it at a very early stage can be enough to get your company back on the tracks again. If you consistently have more money going out than you have coming in, it’s obvious that this is a problem that will only get worse for every day that passes with out help and advice from an insolvency auditor. An insolvency auditor can advice you if need company insolvency advice or just a quick health check.
Taking responsibility for your company could mean taking a long hard look at your financial situation. Tackling it now and making changes to your business in order to ward off business insolvency could save it in the long run – and it might even lead you back into healthy profits once again. In any event it is very important to take action as soon as you see the warning signs.
For Company Insolvency Advice Call on 0800 24 0800 alternatively you can download the quick Insolvency Survival Guide For Businesses written by the author Moe Nawaz who is an insolvency auditor, turnaround practitioner and a mastermind strategist from his experience since 1989 of helping people just like you to map out a better future.
By Moe Nawaz - UK’s Most Trusted Insolvency Auditor & Mastermind Stratergist
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Filed under: INSOLVENCY
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