A company may become insolvent when it cannot pay its debts when they become due or has insufficient assets to cover its liabilities. While it can be extremely stressful and overwhelming, there are several steps which businesses can take to manage the situation effectively and protect its interests. Herein we focus on measures to consider when your company is insolvent to ensure you as founders and directors are protected and minimise losses.
Businesses may experience financial problems from time to time, but difficult economic times may seriously impact businesses. If you think that your business has financial problems or is at risk of being insolvent, you should ensure that you fully understand your options and the consequences in ord…
Read the full article at: https://elitebusinessmagazine.co.uk/legal/employment-law/item/how-to-navigate-insolvency-what-to-do-when-your-company-is-financially-strained