Business Bankruptcy is a serious matter and one that requires impartial advice whether this is a small business bankruptcy or a more complicated large commercial bankruptcy our Corporate Recovery team at Enable Finance has a person able and willing to answer your questions. Bankruptcy proceeding are stressful and we know this that’s why you will find personal and confidential advice when you call.
- Corporate Insolvency Advice
- Business or corporate bankruptcy Advice
- Help & Guidance through Bankruptcy
- Confidential & Practical Bankruptcy Information
- Help to find alternatives to bankruptcy
- Business Rescue & Turnaround
- Impartial, Confidential & Jargon Free
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What is Business Bankruptcy?
Business bankruptcy is not in actual fact a term commonly used by the insolvency industry. Business bankruptcy is a general term to describe a business or company as insolvent by virtue of the fact that it can not meet all its liabilities or expenses when they fall due. When a Company finds itself insolvent it is the legal responsibility of Directors and Shareholders to seek advice from professionals such as the Corporate Recovery team at Enable Corporate Strategies Ltd. To discuss what are their options are to either control and or contain the situation or moreover can the business be rescued without the business having to be wound up or liquidated. Naturally our Corporate Recovery team work closely with Company Directors and Shareholders to formulate a plan strategy that suits all parties. There are four primary tests for insolvency or business bankruptcy, if you are in any doubt you should run the following tests:
- Cash flow test – can the company pay its debts as and when they fall due? i.e. the company’s cash resources are running out. Therefore, the company is not going to be able to pay its creditors on time;
- Balance sheet test – negative net asset value, where the company’s assets are less than its liabilities;
- Unsatisfied judgement – where judgment obtained against the company has not been paid;
- Statutory demand – where a statutory demand made on the company is either not paid or not disputed.
How to Avoid Business Bankruptcy or what are your alternatives?
If your company is facing bankruptcy either by the virtue you can not pay your liabilities when they fall due or you have outstanding legal action against you, such as a statutory demand or a winding up petition you still have options to rescue the company or limit the impact on you the Director or shareholder.
Help and Advice with Business Bankruptcy.
Other types business bankruptcy solutions:
A business Director or Shareholder may think the company is facing business bankruptcy but if the problem is found earlier enough we may be able to perform a business turnaround solution and rescue the current trading company.