A company is deemed to be insolvent if it becomes unable to satisfy its debts as they fall due, or its assets are worth less than its liabilities. If the problem is spotted early enough, it may be possible to turn around the firm’s fortunes and stage a recovery.
Getting a clear understanding of whether or not your business is solvent is crucial. Trading while insolvent carries significant penalties, so it is essential to know where you stand. If you are found to be insolvent, you must stop trading immediately.
Working with a licensed insolvency practitioner, such as Inquesta, will ensure you are completely aware of your firm’s circumstances and the options available. We will be with you every step of the way.