When to take insolvency advice:
There is a test for insolvency that all directors need to know.
The corporate insolvency test
✅ Can you pay your debts when they fall due?
✅ Are the companies liabilities (including any pending claims ) more than the company assets
✅ Have your business been issued with a stat demand or a winding-up petition?
These questions are designed to help you establish the financial position of your company, if you fail one or more of these tests you should seek advice early.
Even if your business is insolvent it doesn’t necessarily mean the end of the road. There are a number of options available that could turn a viable business around.
If you can’t pay your debts on time it’s important that you don’t make your creditor's position any worse. If you do and are later accused of wrongful trading, you could be made personally liable for some of the company's debts.
Any questions please let me know,
Chris
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