3 Basic Definitions of an Insolvent Company
How do you know if your business is insolvent?
- The cash-flow test
- Can your company pay its debts as and when they fall due for payment? If not, then your company is insolvent.
- The balance sheet test
- Does your company owe more than it owns, or are the company's assets exceeded by its liabilities? If yes, then your company is insolvent.
- The legal action test
- If a creditor has obtained a County Court Judgement, even if the debt was disputed, this is deemed to demonstrate your company’s insolvency.
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Why Strike Off Your Company?
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