Guidance
Director information hub: Avoidable insolvency
What you can do to avoid insolvency.
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What is avoidable insolvency?
In the UK each year there are many insolvencies that potentially could be avoided if appropriate action was taken.
Acting to avoid insolvency
There are some simple actions that could reduce your risk of insolvency. These are laid out in the pages of the director information hub.
They include:
- being aware of the basics when starting a company
- seeking advice from professionals during start-up and throughout your company lifespan
- carrying out your duties as a director properly
- maintaining proper financial records
- paying the correct tax on time
- spotting the early signs of financial distress – and taking action
- getting sound, professional advice in the event of financial distress
Getting early professional help and guidance offers companies a greater opportunity of avoiding insolvency.