The challenge for a Sole Trader who is struggling financially is that there is no legal distinction between the owner and the business. Essentially, any debts accrued will be treated the same as personal debts.
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.
How Business Debt Advice can help you
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.
Sole Trader Debt Solutions
IVA
An 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.
For more information on dealing with your Sole Trader Debts call the Business Debt Advice line on: 0800 0436 999
Get Debt Advice Please fill the form below.
Useful guides
We have an extensive range of guides to provide you with all the information you need to help you and your business.
View guides here
About us
Business Debt Advice is owned by McCambridge Duffy who are one of the leading Insolvency firms in the UK and have been in the financial industry since 1932. McCambridge Duffy solely provide IVAs and other Insolvency solutions.
On our site you will find information on debt solutions, both formal and informal. We provide this information so you have a clear overview of the options available for dealing with your debts. We do not offer informal debt solutions, so if an insolvency solution is not your recommended course of action, with your permission, we will refer you to an appropriate agency/provider that can assist you further.