Trading insolvently is illegal but thousands of companies, including our banks, do it all the time. The problem starts when your company receives a winding up petition and that’s when your personal liabilities could kick in.
This could even result in losing your house.
One of the repercussions of trading insolvently is that you could be held responsible for the debts in the business, lifting the veil of insolvency.
If you think that you are in this position and are trading insolvently, or just want to stop a winding up petition, then call TaxGone on 01302 815846 for a chat.
TaxGone - Company Voluntary Arrangement - CVA Specialists
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