Relax – you have now taken the first step to regaining control of your business or personal finances.
We understand the pressure Directors and Sole Traders are under when suddenly your business becomes insolvent, very possibly through no fault of your own.
If you speak to your accountant for advice they will point out the dangers of trading insolvently, and suggest you speak to an Insolvency Practitioner, which will in many cases result in your business being liquidated.
In this scenario you lose the business you have built up, and on a personal level you may be liable to personal guarantees in respect of bank overdrafts, lease premises etc.
The alternative is to contact Global as soon as possible for a free and confidential discussion on your next steps which may include Liquidation, Company Voluntary Arrangement (CVA) or Raising Finance. We understand the pressure you are under not only from Creditors, but also from trying to keep up staff moral during this difficult time.
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Directors need to be aware that if they are trading insolvency they are can be jointly and severally responsible for the debts from that point forward – and are unable to claim protection under the Limited Liability status …
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