How to find a Company's Credit Rating

Receive credit ratings and financial information. Q. My ultimate parent company has a public credit rating.

Solvency crises

In order to create the conditions, we only have to fall back on the latest research results of a major credit bureau. As more than two million small and medium-sized enterprises are considered to be such a credit exposure, this would put credibility at the top of the list. Procuring credit from your vendors is important to your company and will be very important.

Again, your credit rating will have an impact on your ability to find funds to support your company's growth. This can also make your company more attractive to prospective vendors and creditors.

Individual warranties

When you are either a private entrepreneur or a member of a private limited liability corporation, you are held responsible for all your personal liabilities. Every amount that has been underwritten by you in person, whether under the name of the firm or not, becomes your liability to pay it back if the firm cannot do so.

Some of the most important instances we find are overdraft facilities over 10,000, corporate credits and asset or real estate leasing contracts. Unfortunately, we note that many managers did not know at the time of signature of the dashed line that they were individually secured for certain sums; the primary guilty parties are usually current account credit.

If it becomes clear to the bondholder that they will not be reimbursed by the corporation, he will not be hesitant to prosecute the principal in person for the indebtedness. Nothing can stop this case except from being paid by the firm. Trade is considered deceptive if the business is bankrupt.

Unfortunately, if your business is not able to settle its debt at maturity, or its debt is higher than its net worth, it is bankrupt. In the event that a director is found to have committed fraud, he or she may be held individually responsible for the company's debt. It is because the addition to the debt in question, knowing that it will not be paid back, is classified as deceptive even if you act through the business.

Resulting loss may be the sole liability of the Principal and damage may be claimed in addition to this honorarium. Unfortunately, the fact that you just tell an agent that you thought the firm could turn around won't do the washing with them. It is your responsibilities as a manager to be conscious of your financial situation; if you should have taken measures that approach the point of economic decline, this is considered as fraud.

Similar to the above, when a manager is convicted of misconduct, he is held responsible for the company's debt. When you find that smaller debt has been settled while a large value added tax invoice has been abandoned at a later date, this could be considered as misconduct as you have given priority to all non-HMRC lenders.

A DLA in excess must be repaid at the time of winding up. Of course, this is because all loans made by the firm must be repaid at the time of bankruptcy, i.e. when the firm needs the funds to settle its invoices. It is the personal responsibility of the Director(s) to repay the amount lent.

Bankruptcy administrator (IP) or receiver may require immediate repayment of the amount as he has the obligation to act on account of the debtors. They will find that all these contingencies can be prevented by timely bankruptcy counselling. When you are worried about the finances of your business, don't delay, because if you leave things to themselves, your circumstances will no doubt deteriorate, call us now on 01472 254914.