There are many companies that are trading whilst insolvent, which is illegal.
However, some companies such as banks have run in an insolvent position for years.
If small companies find themselves in such a position then the directors would have to rectify the position or face severe consequences.
Trading whilst insolvent is when a company has more liabilities than it has assets or that it has more debts than it is able to pay – which pretty much sums up the position of some of the UK’s banks.
If as a director you find that your company is trading whilst insolvent then Call TaxGone on: 01302 815846 and we’ll show you how to put things right.
TaxGone - Company Voluntary Arrangement - CVA Specialists
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