If you are a company and unable to pay your debts insolvency may be something you have to consider as a serious option. However before doing so you might want to consider alternatives including agreeing an instalment plan with your creditors. If htis is not feasible you can apply to wind up the company or one of our creditors can make an application to the court.
Once a company has been wound up:
- an official receiver ( trustee) is appointed
- the trustee will manage the company's affairs
- the trustee will make payment to your creditors
- the trustees will wind up the company
Being unable to pay debts and being chased for payment is worrying for most people. At Hart Brown our specialists will advise you on whether insolvency is the best option. We will also discuss with you any personal guarantees you might have given as this could affect your personal finances as well as those of the company. We will help you through the process.