Insolvency is when an individual or organisation, typically a business, can no longer meet its financial obligations with its lender or lenders as debts become due. Insolvency is often simpy replated to cash flow problems and / or an insolvent balance sheet, where liabilities exceed assets. There are many outcomes to an insolvent position which include: sucessful turnaround of the financial situation, Individual Voluntary Agreement (IVA) or Bankruptcy for individuals, and Corporate Voluntary Agreement (CVA) or liquidation for businesses.
In 2011 there were over 16,000 company liquidations in England & Wales, a 5.1% increase over 2010. Personal insolvencies totalled nearly 120,000 in England & Wales, 10% down on the peak year of 2010. These figures are made up of both compulsory and voluntary arrangements.
Whatever the insolvency issue it is important to seek professional advice as soon as possible. Qlocal.co.uk/Southport have teamed up with Wilson Field, one of the leading companies in this sector in the UK, who may be able to help in many insolvent situations.
Wilson Field
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If you think your company may be insolvent, you need help with a business recovery strategy or you are searching for advice on a personal debt problem, you are not alone. Wilson Field provides complete business recovery, insolvency, including liquidation and individual debt solutions, for businesses and individuals across the UK.