How to tell if your business is facing insolvency and what to do about it
Contributed by: Berley

Thinking about insolvency is never ideal, especially not during the Christmas period. At this time of year, everyone is looking forward to celebrating with their family and friends, filled with high hopes for the start of the New Year.

For you and your business, facing insolvency can leave you feeling stressed and worried. This holiday season though, you don’t have to face insolvency alone. Berley can be with you, every step of the way, supporting you through the tough decisions you may have to make.

What are insolvency red flags?

There can be a number of reasons why your business may be facing insolvency. Some of the red flags include:

  • No money – being unable to pay the day-to-day costs of your business
  • Issues with creditors – HMRC, credit card providers and mortgage companies are asking for immediate payment
  • A lack of credit – unable to borrow any more money from the bank and can no longer arrange deals with suppliers
  • Wages going unpaid – employees are not being paid

If some of these indicators look like they may apply to your business, you could be heading towards insolvency. If this is the case, Berley can help you. Early intervention can give your business a better prospect of survival and success.

Berley: insolvency practitioners

Making the decision to stop trading and liquidate your company can be tough, but as a business owner it is important that you take responsibility for your employees and any outstanding commitments. At Berley, we can give you the advice and support you need to help you make those tough decisions. In some cases, considering voluntary liquidation may be the best course of action. This means that you will have to notify HMRC and your creditors of your insolvency. In some other instances, insolvency may be avoidable, particularly after a restructuring of your business. We will help you to see if your company can be restructured and guide you throughout the process. Through looking at the finances of your business, we can advise you of the best next step to make. Our aim is to help you understand what the future holds for your business and to aid you with the putting a plan of action into motion.

Contact Berley today

For more information on how Berley can help you if your business is facing insolvency, call us today on 020 7788 8261. Our insolvency practitioners can work with you to ensure that you are able to make the best decision for your business going into the New Year.