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Few pieces of advice I would add to this.
1. I would suggest you get your accountant who deals with your tax affairs to work on the issues that are ''Freaking you out''. This will then give you an indication of what your potential liability will be. It will also send the right signal to the...
With respect to using hypothetical figures is of no use as it does not give the full context of your position. Secure or get management figures and from there you can clearly determine your position.
Hi Jacob, nobody can give you advice unless you have the full picture. This would involve the review of the most up to date management accounts you can get your hands-on.
You need to take an overall perspective of your balance sheet first. From there professional independent insolvency advice...
More importantly, is there personal guarantees attached to the business?
You should seek advice in regards to personal exposure
You should look at Bell & Company
Thanks
Noel