Creditors still not paid despite claim
Dear Sir, — Regarding the letter in last week’s Chronicle from the Cheshire East Council finance portfolio-holder Coun Paul Bates, I have a touch of sympathy when businesses go insolvent. There are many reasons why this happens, but the end result is the business cannot pay off its creditors.
This can be caused by many issues. Business owners accept the simple fact their company is not making enough profit to pay all its creditors. They contact an insolvency officer and go through the due process of closing the company down. This allows directors to legally start a new company.
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