Insolvency? - Top Ten Warning Signs Checklist!!
17/10/2017 | Insolvency
INSOLVENCY? - TOP TEN WARNING SIGNS CHECKLIST!!
By Tim Corfield.
If you have a client running a business how do you quickly know if the business is insolvent or may be close to being insolvent? Here’s a checklist of questions for the directors to assess the position.
- Have the bankers bounced a cheque or direct debit?
- Is the bank account constantly operating at the ceiling of the overdraft?
- Are trade suppliers overdue?
- Have there been solicitors’ warning letters?
- Has there been a court summons or court judgement?
- Is PAYE up to date?
- Is VAT up to date?
- Is there current management information showing the financial position of the business?
- Is there an overdrawn director’s loan account?
- Has there been a visit from a bailiff?
If one or several of the above warning signs apply there is a real risk that the company is insolvent. It may be a temporary blip but the directors should take immediate advice.
Griffin and King – Leading Insolvency Practitioners
We are Licensed Insolvency Practitioners with offices throughout the UK including Walsall, Bournemouth, Hereford, Redditch, Shrewsbury and Stoke. We are Licensed by The Institute of Chartered Accountants in England & Wales. With over 30 years’ experience we have helped businesses and individuals find solutions to their financial problems.
We believe there really is “Life After Debt!”
Please call us now on 01922 722205 for a free, confidential meeting with Tim Corfield, Mark Shaw or Janet Peacock. Alternatively, you can email Janet Peacock, or send her a text message on Mobile: 07545 806 531.
Don’t wait until it’s too late!
You might also find our recent article “Is It Easy To Run a Business?” interesting.