With the rise of online shopping and the e-commerce industry, it is no surprise that a number of high street stores, such as HMV and House of Fraser, have faced difficulties in recent times. Due to the ever-growing uncertainty of the market, more and more companies are becoming insolvent. But what does it mean if a company that owes you money goes insolvent?
What is Insolvency
Under the Insolvency Act 1986, insolvency is when a business is unable to pay its debts as and when they fall due. An Official Receiver (OR) is usually appointed in the early stages of a companys insolvency and an Insolvency Practitioner (IP) may be appointed later to deal with the assets. The appointment of an OR/IP must be included as and when any correspondence…
Read the full article at: https://www.enterprisetimes.co.uk/2019/06/11/death-on-the-high-street-how-to-recover-your-debt-if-the-company-goes-insolvent/