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DIRECTORS

You could be liable for company debt - even as LTD company

As a Company Director it always falls on you to ensure that the company is trading solvently and meeting all relevant legislation.  We understand that when creditors are late with payments, suppliers are knocking on the door and banks are not willing to lend.

Being a Director can be a lonely and challenging role. However, many Directors do not realise that if they are trading insolvently, they are personally responsible for all debts from that point onwards – even with the protection of a limited company.

Often one of the first places to start is to understand how deep the troubles run, and this can be by answering two questions:-

  1. Can the Company pay its debts as and when they fall due? (Cash Flow Test)
  2. Would liquidated assets be sufficient to pay liabilities in a liquidation? (Balance Sheet Test)

If the answer to either of these questions is “no” then you are trading insolvently and need to act immediately.

The stress and sleepless nights alone can often make it impossible to see the woods from the trees and find a solution that will help you move forward. This is where by talking to one of our Global IS Consultants, we can explain the options available to you and discuss the best way forward – for both you personally and the business.  They will review all aspects of your current situation and provide more advice on the options available to you, including:-

Liquidation

this is often a last resort and only used when you and the company are under serious pressure and do not think it is viable to continue trading.

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Company Voluntary Arrangement (CVA)

where you believe the company is viable in the medium to long term, but only if existing creditor pressures can be relieved.

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The important thing to remember is that you are not alone.  Once you make that first call to Global IS we will come and meet with you face to face, understand exactly what problems you are facing and make recommendations as to the best route for YOUR business.  By making that call to us today we can then take over creditor communications such as threatening mail and instantly relieve some of your pressure.

Need help?

Contact us for a free consultation with one of our professionals

Our Goals

What to expect from Global Insolvency Solutions

  • We work to get best solution for YOU and your CREDITORS.
  • We stop creditors harrasing you.
  • We give confidential, expert advice.
  • We have a sypathetic & professional approach