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9th August 2022
British sole traders and small businesses are taking steps to protect their businesses after the Bank of England warned the UK will slip into recession this year. The economy is forecast to shrink in the […]
8th July 2022
The number of outstanding invoices owed to businesses based in the North West has increased again in May, according to analysis from R3. Analysing data provided by Creditsafe, R3 found that the number of invoices […]
20th June 2022
The Insolvency Service is clamping down on Covid fraud and handing out director bans to business owners that abused Covid-19 support schemes and went into liquidation. The directors names in recent enforcement action include a […]
26th May 2022
Small businesses are disproportionately affected by inflation because they are less able to pass cost increases onto customers, according to the new head of the Federation of Small Businesses (FSB). Following a visit to Downing […]
19th May 2022
House by Urban Splash – a subsidiary of Manchester developer Urban Splash – has been put into Administration with the loss of more than 150 jobs. Before closing, House by Urban Splash made modular homes […]
29th April 2022
Major retailers headquartered in North West England are among the worst affected by the cost of living crisis, according to new research by Manchester-based investment group AJ Bell. Dozens of high street businesses have seen […]
31st March 2022
Businesses that built up rent debt during the Covid-19 crisis were – until last week – protected from creditor enforcement action. Businesses including pubs, gyms and restaurants have built up an estimated rent bill of […]
4th March 2022
Licensed insolvency practitioners provide a range of services to individuals and companies when they are struggling financially. If your company is experiencing financial distress, a licensed insolvency practitioner can help you find the best solution […]
22nd February 2022
Small and medium-sized businesses have been slow to join a new government scheme designed to help boost productivity in the wake of the coronavirus pandemic. The Help to Grow scheme, which launched in August 2021, […]
4th February 2022
When a company is insolvent company directors must prioritise the interests of the company's creditors. If the company continues operating as normal this is known as trading while insolvent.
Trading while insolvent is unlawful and can have serious personal consequences for directors.
If you're a director and you knowingly trade while insolvent, you can be held personally responsible for company liabilities and you can be disqualified from holding other directorships.
How do I know if my company is insolvent?
According to the Insolvency Act 1986, a company is insolvent if it can't meet its day-to-day obligations.
This includes: