Insolvency and bankruptcy
If you cannot pay your business debts when they become due, or if the assets of your business are less than your debts, your business is insolvent. Bankruptcy is when you legally declare that your business is unable to pay its creditors. Laws in England and Wales relating to bankruptcy are different from those in Scotland and Northern Ireland. The links below offer additional information on the legal framework and concepts of insolvency and bankruptcy.
Our favourite links
businesslink.gov.uk Businesslink has produced a comprehensive guide to insolvency and bankruptcy.
Myvesta UK Myvesta is a non-profit company offering help and advice for people in financial difficulties. There is lots of information and advice on the site, including podcasts of their Money Help radio show and a live online chat facility, where you can get one-to-one help from an expert.
Other useful links
England and Wales
insolvency.gov.uk The Insolvency Service ooperates under a statutory framework. It is aimed at directors of a limited company facing insolvency based in England or Wales.
companieshouse.gov.uk Companies House deals with the registration and deregistration of companies in the UK. These FAQs will help you understand matters to do with insolvency and bankruptcy.
Scotland
aib.gov.uk The Accountant in Bankruptcy provides information on bankruptcy in Scotland.
Northern Ireland
detini.gov.uk The Department of Enterprise, Trade and Investment Northern Ireland's Business Regulation Division administers and investigates affairs of bankruptcy and insolvency.