Why it matters

Balance-sheet insolvent for years yet still trading — living on creditor patience and, almost always, director loans. Stable, but one shock away from an insolvency event.

The play

Secured credit or restructuring mandate. The director-loan position is the key question: the owner is usually the biggest creditor.

How it's kept honest

The badge is recomputed nightly across the whole index, and re-evaluated live the moment a company files — so a match is always a statement about the current register, not a stale list. Like every signal on the radar: a prompt to look closer, never a verdict.