The basis of the deal is to keep the directors in control, preserve the business and give it a fighting chance to survive.
Is your business at risk? Here’s a simple test you could use to find out if your business is in danger of entering a difficult phase or has risk of bankruptcy.
Many directors and entrepreneurs tell us that the balance sheet of their business is okay. The simple way test for insolvency is to lookout for overstated assets such as obsolete stock, debtors that are not really collectable and work in progress. Deduct these from your balance sheet and now take a fresh look at it. Does your business have the financial resources to pay secured creditors and the tax collector on time?
If your secured creditors even…
Read the full article at: https://industrytoday.co.uk/finance/corporate-recovery-and-insolvency-services-from-voluntary-administration-experts