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Is your business in debt? If the answer is yes, then your business may be in danger of becoming insolvent. A business that does not have enough assets to cover its debt or is unable to pay debts on time is classed as ‘insolvent’ or ‘bankrupt’. This may sound daunting but don´t despair. If there is still time to get your business in order, we can put you on the right road to recovery.
Monitoring your business performance against a budget, plus analysing cashflow can provide early warning signs to help you avoid potential problems. Unpaid invoices remain the main concern for every type of struggling businesse. Our section on How to Avoid Business Insolvency is full of suggestions on how to get what you’re owed on time, every time. On the same page we reveal the top 10 excuses customers have for late payments – some may sound familiar!
If business overheads are getting overwhelming, don’t leave without visiting a How to Reduce Business Overheads – money saving tips to help you avoid insolvency.
Is your business account needing a boost? Find out How to Improve Cashflow and get your money moving in the right direction.
If the future of your business is uncertain, we show you what outcomes can be expected for limited companies, partnerships and sole traders. Don’t be caught unawares, visit Insolvency for Limited Companies and Insolvency for Partnerships and Sole Traders for details.
It is vitally important to seek financial and legal advice as soon as your business starts getting into trouble, to avoid more serious debt problems later on.
Seek advice immediately if:
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