The best advice I can give directors
Take professional advice from a licensed IP and act on it.
If you think your company is insolvent then take steps to seek professional advice from a licensed insolvency practitioner as soon as possible.
They will guide you as to whether administration is the best option and if it is they will help you to place the company into administration.
You will have to work with the IP so make sure you feel comfortable with your choice and confident they are experienced, skilled and have the resources to do what’s best for the company.
If in doubt seek a second opinion and then act quickly on the advice you’ve been given.