Liquidation-England

WHAT IS INSOLVENCY / LIQUIDATION?

There are two tests for insolvency:

1. A company does not have enough money to pay its debts, as and when they become due, or
2. A company owes more than the value of its assets, such as inventory or property. This is called the balance sheet test of insolvency.

Personal pride will become a major issue in these circumstances, but remember that a business disaster need not be a personal disaster.

There is help and advice always at hand.

It is a fact that only about 50% of small businesses are still trading after their first three years from initial set up. There are many reasons why this happens but there is only one conclusion: business failure.

Be aware at all times that when your business is under pressure so are you. This pressure can cloud your judgement, you may feel that you can sweep the problems under the carpet or bury your head in the sand. You cannot be judged as a weak individual because you think like this, but the pressure and the possible loss of pride makes you respond this way.

Want to read further?

Please visit:

www.liquidation-and-bankruptcy.co.uk

Thank you

Phil