Top Five Warning Signs your Business may be Insolvent
The official Insolvency Service figures showed that in the first quarter of 2009, the number of businesses being put into liquidation in England and Wales increased by over 50% compared to the same quarter in 2008. I would suggest that during these difficult economic times, directors and senior managers take special notice in the following areas…
The first 3 months of 2009 saw difficult trading conditions for many businesses across the UK. The official Insolvency Service figures showed that in the first quarter of 2009, the number of businesses being put into liquidation in England and Wales increased by over 50% compared to the same quarter in 2008. Many analysts are predicting that the economy is not likely to improve until the end of the year.
Given that the pressure on business seems likely to continue for the foreseeable future, it is vital that directors and business owners make sure that they are vigilant about the trading status of their companies. One of the duties of directors is to ensure that the company that they are running does not trade if it is insolvent. If directors allow their company to trade while knowing that it is insolvent, they may be held liable for the business
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