<ul><li>Discovering your company is insolvent is a nightmare scenario for many company directors.</li><li>If your company becomes insolvent, potential consequences include creditors pressuring your company for what you owe, potential forced closure via winding-up petition, and possible impact on your personal finances if evidence of wrongdoing is found.</li><li>Personal consequences may include liability for a portion of the company's debt if personal guarantees are signed or if you've acted outside the company's best interests.</li><li>Possible solutions to alleviate insolvency include seeking advice from a licensed insolvency practitioner, considering a Company Voluntary Arrangement (CVA) or administration, or opting for Creditors Voluntary Liquidation (CVL) or bankruptcy, depending on the circumstances.</li></ul>

Potential Consequences Of Your Company Becoming Insolvent

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