Tests of insolvency (s.123 IA 1986)

On 8 September 2026, a private manufacturing company registered in England has accounts showing assets of £4 million and liabilities of £3.2 million. Three suppliers' invoices totalling £90,000 fell due on 11 August and remain unpaid. The debts are undisputed, there are no set-offs, and the suppliers have refused payment extensions. The company has £10,000 in cash. Its lenders have refused further credit, and its remaining assets cannot be sold or used to raise money before December. Reliable forecasts show customer receipts of £120,000 on 1 December, with no other funds available before then. No statutory demand has been served. If the court accepts this evidence, which statement best describes the company's position under section 123 of the Insolvency Act 1986?