Being a business owner can be quite challenging. It takes a significant amount of dedication as well as drive to get a startup off the ground and make it into a profitable endeavor. However, you are bound to face some obstacles on the road. In some situations, these obstacles may be too much to overcome and this could lead to the decline of your business. This is what leads to bankruptcy and eventual insolvency.
What is insolvency?
The term insolvency refers to the situation whereby a business is unable to clear all the debts they owe when they are due to be paid. This is a critical situation and will require the directors of the company to ensure that it does not happen if they would like the company to still be operational. If a business continues trading while it is insolvent, the company directors could stand criminal charges and penalties. This is why as a business owner it would be prudent to enlist the services of a bankruptcy solicitor and see how best to liquidate the business. Knowing the warning signs of imminent bankruptcy and insolvency will enable you to face the matter before
Warning signs of impending insolvency
29 July 2016
My dad died when I was still pretty young so it's been a big surprise all the stuff I've had to do to sort out his estate. I'm an only child and my folks divorced when I was a baby so most of the work fell to me. He was kind of disorganised and grumpy, but at least he'd spoken to his lawyer and got a proper will drawn up which saved on confusion at a tricky time. If you are a young person dealing with the estate of a deceased parent, this blog is designed to help you navigate the legal processes.