In the event of any liabilities as a result of a failed business, you stand to lose everything including personal assets. Creditors will pursue you personally for full repyament of the debt.
If you are a Sole Trader and you are struggling financially, it isn't too late to get help. Contact us now at Business Debt Advice and we will do our utmost to help you and your business get through this difficult period.
We have a highly qualified team of debt advisors and professionals who specialise in dealing with business and self employed cases. We offer a range of insolvency solutions that can help you and your business get back on track.
If you are self employed and having financial difficulty, there are a number of remedies available. Have a look at the solutions below. Alternatively, you can request some business debt help and we will contact you to discuss your situation in confidence.
IVAAn IVA is a legal agreement between you and your creditors where you pay back a portion of the debts that you owe. In an IVA you can be debt free in 5 years or less. |
Debt ManagementA Debt Management Plan is an Informal Agreement between you and your creditors where you pay back your debts at an affordable monthly rate. |
Personal BankruptcyBankruptcy should only be considered as a last resort. Bankruptcy is a way of dealing with your debts if you are unable to pay them. |
Debt ConsolidationDebt Consolidation is a method used by many people to consolidate their debts into one lower affordable payment. |