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My company is trading Insolvent. What are my options?

Question

I opened a new e-cigarette outlet in June 2013 but, after a bright start, the company cash flow has taken a huge turn for the worse, largely down to more competition cropping up in the area, and I cannot afford to pay creditors in full this month.

The company is, I believe, a viable business but is currently insolvent. What options do I have?

Answer

There are a number of different ways to resolve your immediate cash flow issue. However, the first thing to do is to prepare budgets and cash flow forecasts. This will assist you to plan better for the future, if your company is able to continue to trade, or identify the critical issues and when they are going to occur if the company is not viable.   

Once the future viability (or lack of) is identified, the appropriate options can be examined and a rescue/recovery plan can be implemented. The first step is to contact our experts who will be able to guide you through whatever process is most appropriate for your business.

Advice You Can Trust

Insolvency Practitioners Association Institute of Chartered Accountants in England and Wales R3: Association of Business Recovery Professionals ICAEW Business Advice Service Turnaround Management Association ACCA (the Association of Chartered Certified Accountants) ICAS | The Institute of Chartered Accountants of Scotland
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