By Tim Corfield.
If you have a client running a business how do you quickly know if the business is insolvent or may be close to being insolvent? Here’s a checklist of questions for the directors to assess the position.
– Have the bankers bounced a cheque or direct debit?
– Is the bank account constantly operating at the ceiling of the overdraft?
– Are trade suppliers overdue?
– Have there been solicitors’ warning letters?
– Has there been a court summons or court judgement?
– Is PAYE up to date?
– Is VAT up to date?
– Is there current management information showing the financial position of the business?
– Is there an overdrawn director’s loan account?
– Has there been a visit from a bailiff?
If one or several of the above warning signs apply there is a real risk that the company is insolvent. It may be a temporary blip but the directors should take immediate advice.
Griffin and King – Leading Insolvency Practitioners
We are Licensed Insolvency Practitioners with offices throughout the UK including Walsall, Bournemouth, Hereford, Redditch, Shrewsbury and Stoke. We are Licensed by The Institute of Chartered Accountants in England & Wales. With over 30 years’ experience we have helped businesses and individuals find solutions to their financial problems.
We believe there really is “Life After Debt!”
We have helped many people with Insolvency – view our testimonials and see.
If you would like further information on Insolvency please contact Griffin & King Insolvency Practitioners on 01922 722205, and speak to Tim, Mark or Janet. You can also contact Janet by email on janet.peacock@griffinandking.co.uk, or by text or calling on 07545 806531.
Don’t wait until it’s too late!
