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As a director, knowing when your company is insolvent is crucial. Insolvency occurs when a business can no longer meet its financial obligations. If you recognize any of the following signs, it may be time to consult an insolvency practitioner:
- Bills, staff wages, or HMRC payments can’t be made on time.
- Personal funds are being used to cover company expenses.
- Directors are unable to draw their salaries.
- Clients are paying late, causing cash flow issues.
- The company is losing clients and struggling to attract new ones.
- Payroll is at risk due to unaffordable redundancy payments.
- Tax returns with HMRC are expected to generate debts that can’t be covered.
- The company has ceased trading but still has outstanding debts.
What Does a Director Need to Provide to Liquidate a Business? To begin the liquidation process, the director will need to supply:
- ID and Proof of Address: To confirm your identity.
- Company Bank Statements: To provide a clear financial overview.
- Proof of Debt: Documentation of outstanding debts.
- Proof of Assets: For company assets.
If your company is facing these challenges, RTI can help guide you through the liquidation process, ensuring transparency and support at every step.
Pages related to Company Liquidation
CVA Company Voluntary Arrangement
Creditors Voluntary liquidation (CVL)