Is my business Insolvent? Further clues that may confirm your suspisions
Are you paying your deductions across to the Inland Revenue on 19th of each month? If not then it is almost certain that you are using this as cash flow. If this continues for two months or more then you need to get immediate advice from a professional. To delay any further will bring enforcement proccedings upon the company. Alternatively you may already have has penalties from the Revenue and entered a deal with them. The Revenue are offering schemes at present whereby you can defer some of your tax. You should contact the Revenue as soon as you think you may have a problem. If you have had deals and broken them you may well have the debt recovery unit dealing with you case. Again you may be only a short time away from a visit from the bailiffs. With regard to VAT it may be that you are failing to submit your paperwork on time, as you have not got the funds to make the accompanying payment. You may have structured deal with HMRC but failed to keep them. This failure may have lead to enforcement action by the bailiffs. If you have encountered any of these problems you may have already concluded that you do have an insolvency problem. You may have been burying your head in the sand about your problems, but now is the time to take proper professional advice before it is too late. About Author Steve is a qualified solicitor who specialises in debt solutions for businesses and companies alike. From pre-pack administrations to walk through bankruptcys he is always free to talk to. Disclaimer: Article submitters are solely responsible for the content of their articles. ArtiLib can't be held liable for the contents of the articles. Report Abuse | Browse By Category |
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