Top Ten Directors' Insolvency Warning Signs

1. Fire fighting - you don’t get your work done because of lack of focus.
   
   
2. There is a lack of business / accounting information or wrong information and you often end up concentrating on non-essential issues.
   
   
3. “Compartmentalising" problems - in other words do you deal with one creditor or business critical problem and ignore others?
   
   
4. Do you blame the:
   
   4.1. Bank;
   
   4.2. Creditors;
   
   4.3. Debtors;
   
   4.4. Accountants;
   
   4.5. Advisors;
   
   4.6. Everyone but YOU for your cashflow pressure?
   
   
5. You don’t have a business plan. Your company doesn’t have regular team, management and board meetings.
   
   
6. You company has arrears of tax, PAYE and VAT.
   
   
7. You don’t like changes.
   
   
8. Directors are taking big salaries and expenses. ("It's my business anyway!")
   
   
9. You think that one more sale, one more contract, one big customer payment will solve the cashflow problem? (It won’t).
   
   
10. You have overdrawn director’s current accounts. See a guide to this issue here: directors overdrawn current account in insolvency.

It is a lonely place to be when a business becomes distressed. If you want to learn more about the situation you face use this site for full details of the options available, the legal obligations you face and the best way to deal with the problems the business faces.

DO NOT ignore the problems they will not go away unless you take proactive steps to deal with them. Please read Is my company insolvent?

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Contact our national insolvency helpline on 0800 9700539 office hours or call Keith Steven on 07974 086779 now.