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dealing with an insolvent company

mikefrommeath · 2013-12-05 20:09:52

Hi all, Is it for illegal for a company to trade insolvent? (unable to pay its bills as they fall due). Is it illegal for a person to deal with a company who they know are insolvent?

05-12-2013 8:09pm

#1

mikefrommeath

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Hi all,

Is it for illegal for a company to trade insolvent? (unable to pay its bills as they fall due).

Is it illegal for a person to deal with a company who they know are insolvent?

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Comments

#2 05-12-2013 9:53pm

Alan Shore

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Not illegal but if they are not paying others you risk not getting paid.

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#3 05-12-2013 11:02pm

ninty9er

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Many companies are insolvent at points in time, for most of them it's not an issue, however having been a director of a company insolvent at the point of audit, you do have to produce a workable plan to improve the company's finances.

I didn't use Grant Thornton at the time, but they seem to be the best in insolvency practice at the moment.

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