If you are a director of an insolvent company you could become personally liable for some of its debts. Insolvency can
either be
1) when the company cannot pay its debts as and when they fall due, or
2) when its assets are less than its liabilities
You need to seek advice immediately. It may be that the company can be saved through an "Administration" or "CVA", or
it may be that the company needs to be wound up. Seeking advice early will increase the options available to you and
reduce personal risk.
An initial consultation is free.
Depending on the individual case, the approximate cost of a liquidation, administration or CVA is £2,000 plus VAT
and disbursements.
