Is Your Business At Risk?
Insolvency can be defined as “being unable to pay debts as and when they fall due”.
What makes a technical definition a business or personal asset threatening reality is the ability of the company to service its debts and meet the demands made on its cashflow. In reality, it can be more about maintaining the amount of money that it owes to its creditors without building debt becoming a downward spiral.
Loss of key customers and contracts with the bad book debt that follows coupled with increased creditor pressure – whether from the company’s trade creditors, key lenders or HM Revenue and Customs – can provide the perfect storm of events that could lead to the insolvency of the Company and bring it the point past which it is unlikely to be able to recover.
SEEK ADVICE
It is vital that a business under financial pressure seeks the advice of a licensed Insolvency Practitioner as early as possible. Whether you are a start-up enterprise, a business about to embark on a program of expansion or diversification, or simply facing financial pressure, contact us for a free initial consultation to see how we may be able to help you safeguard your businesses future.
Directors who don’t seek professional advice early enough are in danger of breaching their legal duties under the Companies Act 2006 and can place themselves at risk of personal liability of the company’s losses if found to be in breach of these duties and guilty of misfeasance or antecedent transactions.
At Augusta Kent, we have extensive experience in advising company directors, shareholders, creditors, partnerships and sole traders. As a fully regulated, independent licensed insolvency practice, we inform and assure our clients.
In many cases and when consulted early enough our advice puts our clients back in control. The business can be saved, continue to trade and jobs are not necessarily lost.
BUY SOME TIME
You will meet with one of our fully licensed Insolvency Practitioners for a free initial consultation at our offices and will deal with them throughout to establish the most advantageous strategy for your businesses circumstances. Our innovative, pragmatic and commercially focused approach ensures that with your agreement, it is fully implemented.
We take the time to explain everything clearly and in full, at every stage of every process.
Whether through refinancing or restructuring, administration or liquidation: the routes available depend upon your company’s current circumstances. There are insolvency procedures, only available through a licensed insolvency practitioner, which can protect your business and its assets and allow it to continue to trade.
If you would like more information about informal and formal company insolvency procedures or any aspect of insolvency, please click on the Insolvency Explained quick link on this page or contact us direct for a free initial consultation with a qualified insolvency practitioner.
If you would like more information about informal and formal company insolvency procedures or any aspect of insolvency, please contact us today.