We are a small independent tile and bathroom company. We have been trading for 9 years and have fallen on hard times the past year and a half. I have borrowed money through a business loan, a personal loan, credit cards etc. Before last year we turned over £600,000 but last year our bathroom sales were quite low. Currently I am about £80,000 in the red. I would be pleased if someone could give me some advise.
As a company director when it is apparent (or should be apparent to a reasonably competent company director) that a company cannot avoid insolvent liquidation they have an obligation to ensure the interests of creditors take priority over all others. A failure to do so can result in the director having to contribute to the assets of the company personally. It does sound as if the problems faced by your company are terminal although this initial view is based on very limited information. Accordingly creditors voluntary liquidation would appear to be the most appropriate option. I would like to carry out a financial review before this advice is confirmed.
12th December 2018
Small and medium-sized enterprises (SMEs) across the UK are paying increasingly large sums of money to collect amounts owed to them by their clients and customers.Read More
4th December 2018
The number of independent retailers who closed down outlets during the first half of this year reached a record high level for any comparable period.Read More