The Key Solutions To Resolve Insolvency- Financial Crisis For A Glowing Future Ahead
Financial energies leave us wondering what went wrong and when did we take our eyes off to let the situation go out of hands. Business Insolvency is the only option left to make a new start and get back on feet again. What does it exactly mean? Any business organization that has hit the rock bottom and is unable to pay back to its creditors would have three legitimate options available: bankruptcy, receivership, and liquidation depending on the situation.
We recently had a chat with the very famous Astro Strategist and Business Astrologer Hirav Shah and requested him to explain to our readers about what is insolvency, how it can be identified, avoided, or resolved. In a critical financial situation like this, it is not only professional life that is put at stake but personal life too. Situations can easily go wrong and before you know you are looking for legal support on the matter. Family law covers different facets or aspects related to the family.
Hirav Shah lists down the steps to spot the warning signs of Bankruptcy And Insolvency
Seeking advice early could mean the difference between saving your business (retaining control in the process) or financial ruin. This article seeks to provide further information regarding the signs that your business may be bankrupt or insolvent therefore a number of key warning signs have been listed below as a further guide as to whether debt advice should be sought.
- Can you pay your debts as and when they fall due?
- Are your liabilities greater than your assets?
- Have you received a winding-up petition?
- Have your goods been seized or subject to walking possession arrangements?
- Are you receiving increasing numbers of threats of legal actions for unpaid bills?
- Have you been refused credit or been given notice of decreasing credit?
- Are you falling into arrears with your taxes?
- Are you struggling to collect money due?
- Have you exceeded your overdraft limit?
- Are your sales less than forecasted or profit margins decreasing?
Whilst some of these questions may be applicable to every business due to the current economy, be realistic, and do more apply than you thought? If so, seek advice from a professional who has credibility in the market.
Step 2 – Find a solution
There are a number of solutions available to the directors and business owners who act proactively to find a solution. Whether it be business coaching, restructuring, finance, a formal insolvency process, debt turnaround, debt management, or general advice, a Licensed Insolvency Practitioner is usually the person to turn to for the solution you need (and initial consultations are usually free). One thing is for sure, if you bury your head in the sand, your problems will not go away.
Step 3 – Act on the advice received
If advice is sought but not acted on, directors and business owners run the risk of formal insolvency and dramatically reduce the options available. I believe that this is often done because all businesses are personal to their owners and our natural instincts are to save them at all costs (sometimes at a further expense). If the specialist help and support is sought and acted upon early, undoubtedly more businesses will be saved.
Hirav Shah who has many years of experience in Astrology for business concludes by saying that he is always ready to offer his expert advice to anyone who needs a strategy to rebuild their business again and gain the confidence they need to move up the ladder in a high-powered corporate finance career path.