How does Insolvency impact you?
The simple answer is: you miss out on money! The amount of money you lose is up to you. When a company owes you money there are some obvious and some subtle warning signs of insolvency to look for.
When you are not being paid by a company that owes you money for invoices submitted, please consider carefully before you continue supplying goods or services. We have been told that both successful and unsuccessful companies get behind in paying their invoices. In our experience, non-payment, delayed and part payment of invoices are signs of a troubled company.
Only you can decide how long to wait for payment for work you have done or goods you have supplied. Struggling business owners often promise to sort out payment next month, or pay some of what is owing to you or promise everything will be paid in full after this next job or goods delivery. It is amazing how many creditors believe such assurances.