I’ve been reading this forum for a while but always hoped I’d not be in the situation I am in today. I’m sole director/shareholder of a Ltd company which is now on its last legs and I think the Spongebob plan is my only option so I am asking for help with the plan. I have not signed any personal guarantees. There is about £500 in the business bank account. The company has an outstanding vat return owing £2000 and a suppliers bill is due next week (£1200+vat). Without this supplier I simply cannot continue. Projected income during COVID 19 is realistically zero!! Company accounts due in November should show dividends paid are covered by retained earnings. I took a small dividend of £500/months up until March when everything went COVID crazy. Is the company now technically insolvent? If I can delay payment of my suppliers bill for a month does this mean I am not yet insolvent? Or should I now just take the bull (spongebob) by the horns and hold on tight ??????? I’m stressed out and I’d welcome any advice here because I can’t afford professional advice.