Your business is insolvent if you can’t pay your business debts at the time they are due or the assets of your business are worth less than your debts. Unless you pay those debts quickly, this may lead to bankruptcy or liquidation.
Although bankruptcy or liquidation are a possibility, there are other solutions available to insolvent individuals, partnerships or companies. This guide provides an overview of the options available if you or your business is insolvent. It also highlights how to avoid insolvency and where to get more information and support.