24th May 2024

Small Business Debt Recovery – A Guide for Business Owners

As a small business owner, handling small business debt recovery demands from creditors can be overwhelming. This guide offers practical steps to navigate these challenges to protect your business. Understanding Small Business Debt Recovery Demands […]
23rd November 2023

How to Effectively Negotiate With Creditors to Avoid Bankruptcy

For small business owners, facing financial difficulties can be a challenging and stressful experience. When debts start piling up, it’s essential to explore every avenue to avoid bankruptcy and keep your business afloat. Effective negotiation […]
4th February 2022

Is my Company trading while insolvent?

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:

23rd April 2020

Could Debenhams’ ‘light touch’ insolvency help firms struggling with pandemic?

High street stalwart Debenhams has become the first UK business to start a new kind of insolvency process – one designed to protect companies from their creditors during the pandemic. The new ‘light touch’ administration […]