When you started your own business the last thing on your mind was insolvency…
Starting a business venture is exciting. You put your blood sweat and tears into getting it off the ground. Your time, money and resources are all tied up in the company. So even when things are going well it can be stressful… starting a company is not without its risks and insolvency is a risk that must not be ignored.
A company is insolvent when it is unable to pay it’s debts when they fall due. When the company gets to this point creditors start chasing you and your precious time is taken up trying to plug up the holes.
When times are tough and your business is in financial trouble it can be difficult to know what you need to do. The most important thing you can do at this point is ensure that you assess all of your options before making any decisions about the future of your business.
When things start to downturn things can get bad…and fast, even when it’s at no fault of your own. Don’t let the situation spiral to the point of insolvency. This is the time to seek professional help to save your business from sinking further and further in debt.
Here at Vaarzon-Morel Solicitors we will work with you to help you save your business and your livelihood. You don’t need to go through the stress and worry of losing everything alone. We will carefully look at the implications of any action for your business and provide you with the the right advice of long-term results.
Insolvency does not mean the end, but it does mean things need to change. The worst thing you can do is put your head in the sand.
We are here to advise you on your obligations under the law as director, and what to do with your employees and creditors. From restructuring your business to advising on voluntary administration or liquidation.