How To Check The Insolvency Status Of A Company
If you’re working with a company that you believe is in financial difficulty, or that owes you money, then you may be wondering how to check the insolvency status of a company. Let’s look at how to check if a company is still trading or whether it has become insolvent using the following steps:
Do A Search Via Companies House
Fortunately, the process for how to check the insolvency status of a company is usually pretty straightforward. The Companies House provides an online search facility where you can check the trading status of a company. This will give you information on whether the business has ceased trading, insolvency information, and whether the company has been dissolved. If the company is dissolved, you’ll see it listed as ‘struck off’, however if things haven’t reached that stage yet, it’s unlikely this will provide concrete information on whether the business is insolvent.
Check If The Company Is In Provisional Liquidation
The government website also has a page that shows you an updated list of companies that have received a Winding Up Petition (WUP) – this is a final warning letter for companies to settle debt before compulsory liquidation is enforced. It will also show you the businesses that are in provisional liquidation, where the government has appointed its own liquidator provisionally as a way to safeguard company assets.
Check The London Gazette Insolvency Notices
The London Gazette is a key tool in how to check the insolvency status of a company. This is where you can check if a business has gone into liquidation or administration. Entering the company registration number or trading name will show you if any notices have been posted. This includes registered corporate insolvency procedures and changes to registered office addresses and ownerships.
Sole Traders Can Search The Individual Insolvency Register
If your debtor is an individual operating as a sole trader then you’ll need to use the government’s individual insolvency register. Although not relevant for limited companies, you can also check the government’s updated list of bankruptcy restrictions to check individuals who have broken the terms of a bankruptcy or debt relief order.
These are the steps for how to check the insolvency status of a company that you have involvement in, for example if you’re a creditor or supplier. However, how can you check if your company is insolvent, as the owner or director? If you are the owner of a business and are concerned that it is insolvent then you should seek the advice of a licensed insolvency practitioner who will be able to confirm the insolvency status of your business and advise on the next steps to take from there.
If you have concerns about your business, please don’t hesitate to get in touch with our experienced team at My Liquidation today for assistance.
