Skip to Content
Skip to Main Menu
2016-10-27T00:00:00+01:00

How do I know if my business is insolvent?

How do I know if my business is insolvent?

When you cannot pay the bills as they fall due, or the company’s total liabilities exceed its assets, your company is insolvent. At this point you would need to cease trading, and place the interests of creditors first. To do otherwise leaves you open to allegations of wrongful trading, and the potential for personal liability as a director. The loss of a major customer, a decline in your market, or an unexpected tax bill, can all have catastrophic results if you don’t have enough cash and are not prepared. A good accountant will help you spot the early signs of insolvency and recommend an insolvency practitioner if required.

David Tattersall
Speak to a Handpicked Expert today

Hi there - I'm David from Handpicked Accountants. If you need help finding the right accountant, simply give me a call. My expertise is in connecting business owners with the very best professional services and I'm on hand to assist you today.

Subscribe to the newsletter and receive news, advice and key insights in your inbox every month

Thank you for subscribing to our newsletter. ×

By clicking submit you will receive the Handpicked Accountant newsletter. All emails include an unsubscribe link. You may opt-out at any time. See Privacy Policy.