A company or an individual becomes insolvent when they are unable to pay their debts as they arise. Once a company or individual becomes insolvent, there are several courses of action and these are different for a company and individual.
The R3 website helps creditors to better understand the insolvency process, detailing the different types of insolvency, what to expect from an insolvency practitioner and advice regarding liquidation or creditors' committees.
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Although MLG Associates endeavours to keep this third party information up to date, unannounced updates may occur. Please check that advice is current before acting on it. Get in touch and we will be happy to help.