What should I do if my business is insolvent?

Trading while insolvent is illegal, so you must respond immediately if your business is insolvent.

One possibility might be to immediately restructure the business – but this would be legal only if it could be done without the business incurring any more debt or if the safe harbour requirements are met. If you don’t qualify for the safe harbour you will have to formally enter insolvency by appointing a voluntary administrator or liquidator to take control of the business.