What Is Insolvency?
Put simply, Insolvency means you cannot pay your debts when they fall due and/or you owe more than you own. If that applies to you, you probably also are experiencing creditor pressure including legal threats or action. You should take advice, (which should be free) to understand your options and plan accordingly.
Check for Warning Signs - Are you or is your business insolvent?
Check the 3 questions below, all ‘warning signs’ of potential personal or business insolvency.
2. Do you or your business owe more than you/it own? (You must include all liabilities including ‘prospective’ ones and all assets must be at current values).
NO YES4. How many of the following statements also apply to you and your business? Click Yes to those that apply.
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Cash flow problems most of the time?
Click Cancel -
Bad debts?
Select Cancel -
Overdue debts?
Select Cancel -
Suppliers, Banks, Revenue/VAT chasing and threatening?
Select Cancel -
On-stop or Pro-Forma (Payment in advance)?
Select Cancel -
Overdraft always at limit? Cards maxed too?
Select Cancel -
Can't get it increased?
Select Cancel -
Bank wants more security?
Select Cancel -
Your Tax Officer has referred your file to their Enforcement office?
Select Cancel -
You are always "fire fighting"?
Select Cancel
The more questions you can tick or recognise, the more you need to seek advice.
Rescue. Recover. Renew. For free advice: