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When a limited company starts to experience cash-flow problems it is essential that the directors seek professional assistance to review their legal options.
When the government made available bounce bank loans and furlough payments during Covid it seemed the sensible thing to do to ensure the company’s future. However, even well run companies are finding it difficult to trade with the rise in fuel costs, interests rates on the rise , increase in the minimum wage and companies having no option but to cease to trade causing a knock on effect when owing thousands of pounds to creditors.

Directors need to act quickly if they are experiencing any of the following :
County Court Judgements that are not being paid via a previous arrangement. Bailiffs will now attend the premises seeking to place a distraint on company assets.
Receiving threats of litigation from creditors.
“Letters of Intent” from creditors threatening to present a “ Winding Up Petition ”.
Communication from Companies House informing of a “Striking Off” procedure.
Directors having to use their own personal funds to purchase materials or pay wages.
Company debts that have been personally guaranteed by the directors.
Company no longer making profit and not able to pay director salaries on time.
Already receiving visits from bailiffs either at the place of business or their private home.
Directors need to be aware of legislation changes introduced in 2015 that under certain circumstances the directors will no longer be protected by the Limited Company status.
Even in the most difficult times it is possible to continue to trade with assistance from creditors although considering closing the company may be the better option.
No two companies are the same and there is no-one size fits all in solution. What would be right for you and your business?