Can I continue trading if my company is insolvent? | Business Solutions | Beesley and Company Insolvency Practitioners

FAQs - Insolvency

No obligation, Just Honest Advice

Can I continue trading if my company is insolvent?

Yes but you have a duty to trade responsibly which means that you have to do everything possible to protect the interests of creditors. If you do not do so you can end up personably liable for any debts from the time your company becomes insolvent. This is why you should take action as soon as you decide your company is insolvent. You should either instigate a recovery plan, propose a CVA, apply for administration or go into liquidation.

What you should avoid at all costs are allegations of mismanagement of the company and wrongful trading.

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