Pass a Solvency Resolution
Company directors must pass and store a solvency resolution within two months of the annual review date.
A solvency resolution is a resolution made by the directors of a company as to whether or not, in their opinion, the company will be able to pay back its debts when they are due.
The directors must have a reasonable basis for their opinion and the resolution must be passed by a majority.
We will send your Solvency Resolution to you on your review date, or shortly after.
Your solvency resolution may be a:
- Positive solvency resolution - passed when directors believe that the company will be able to pay its debts when they are due. You must print and sign your Solvency Resolution document that we send you, and store a copy for yourself, and also return it to us within 2 months so we can archive it in your account.
- Negative solvency resolution - passed when directors believe that the company will not be able to pay its debts when they are due. You must not sign your Solvency Resolution and notify us if the directors pass a negative resolution.
If the directors of the company do not pass a solvency resolution within two months after a review date, you must notify us.
How to upload your Solvency Resolution
Once we have processed your statutory Company Review fees and sent your Solvency Resolution, you will need to print it out, sign it, and then UPLOAD it to your account.
Step 1. Login to your account.
Step 2. Click on the DOCUMENTS tab.
Step 3. Click on the UPLOAD DOCUMENTS button and upload your signed Solvency Resolution for archiving purposes.
