INSOLVENCY IN REDDITCH
When a business in Redditch cannot pay its debts, it can be a sign that the business is struggling or may be insolvent. If you’re unsure whether your company in Redditch is becoming insolvent, there are two different things to consider:
The main question is can the company pay its bills on time and in full? If not, then this could be a sign that your company is insolvent.
CASH FLOW CHECK
A balance sheet shows a company’s assets and liabilities. If the liabilities are bigger than the assets, your company could be insolvent.
BALANCE SHEET CHECK
You may want to place your company into the Creditors’ Voluntary Liquidation if you feel that your company in Redditch does become insolvent. Creditors’ Voluntary Liquidation is a formal process governed by the Insolvency Act 1986, when a licensed practitioner is appointed as Liquidator. When they have been appointed, the Liquidator will deal with all matters, including realising the assets to then enable money to be repaid back to the creditors.
It is crucial to get advice from an insolvency practitioner as soon as you find out your business is insolvent or likely to become insolvent. The Timothy James Partnership Limited is based in Bromsgrove and undertakes a lot of work in Redditch and has helped many different companies in all sorts of industries. It can be a very stressful time and Tim and his team are ready to help your business based in Redditch to discuss what options are available and explain the process.
If your business may be insolvent, it is important to understand the risks and consequences of insolvency for you as director. Our team, based near Redditch, have expert knowledge and experience in all related matters and procedures. Tim has been working within the insolvency profession for over 30 years, he is also a Fellow of the Insolvency Practitioners Association and a Fellow of the Association of Business Recovery Professionals (R3).
If you would like to talk to our licensed insolvency practitioner, Tim Heaselgrave, about any questions you may have about a business in Redditch then please call or email him on 07815 762064 or email@example.com. Discussions are confidential and the first one will be free of charge.