“At Umbrella.UK Insolvency, we work closely with an informal network of accountants, IFAs, solicitors and finance brokers to find the best solution for their clients.” Tom Fox, Licensed Insolvency Practitioner – Head of Insolvency Services For accountants, Independent Financial Advisers (IFAs), and other…
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 that works for you, your…
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:
More than four in ten (45%) small and medium-sized businesses applied for external financial support last year, according to research from the British Business Bank (BBB). Gross bank lending (excluding overdrafts) to smaller businesses rose to £104bn in 2020, a…
The coronavirus pandemic has had a significant impact on personal finances. Some families have managed to save on things like commuting and eating lunch at work, but others have been forced to cut back on spending because they have lost…
When a company is insolvent, directors have a legal responsibility to take action. At this point, the directors should approach a Licensed Insolvency Practitioner who will advise them on the best course of action. Depending upon the circumstances, an Insolvency…
Our friendly and experienced insolvency team is here to help you find the right way forward. Whether your business is facing financial pressure, creditor or HMRC issues, or you’re considering closing your company, we’ll provide clear, confidential guidance and practical support every step of the way.
Call 01625 546 240 now or request a callback from a Licensed Insolvency Practitioner below.*
Main Office: 01625 546 240
E-mail: contact@umbrella.UK
Fax: 01625 522 572
Umbrella.UK Insolvency
Bollin House
Bollin Linkâ¨
Wilmslow
Cheshire
SK9 1DP
Monday - Friday (closed bank holidays)
8.30am - 5.30pm
