Business debts can be extremely stressful if you feel they’re unmanageable, particularly if you run a company with unlimited liability (i.e. a sole trader or partnership). If your business has been affected by the Covid-19 pandemic, you may be able to apply for financial support from the government to help with costs.
Anyone running a small business knows that cash flow can be a real problem.
On the one hand you are owed money for work already completed but on the other your creditors are demanding payment and refusing to supply you until you get your account up to date.
You know that you have a potentially profitable business but you are in danger of being made bankrupt.
Our Small Business department are experts in finding business debt solutions. We will look at your business situation from every angle to try and find a workable solution that will allow you to continue to trade.
Read some case studies of other businesses we have been able to help.
Call us now for confidential advice and no-obligation assessment of your business and personal financial situation.
As a director of a limited company you have a legal obligation to ensure your company finances are in order. If you allow a company to trade when it’s insolvent and there is no prospect that its financial condition will improve you may be personally at risk.
Additionally, if the company goes into liquidation, administration or administrative receivership, the administrator, receiver or liquidator will review your actions when submitting their report to the Department of Trade and Industry.
This may result in you being prohibited from being a company director for a period of between 2 and 15 years. If you are struggling with business debt and your company could be heading towards insolvency, don’t delay in seeking professional advice as to whether you should continue to trade.
Our free business review will highlight the issues facing you and your company and provide complete details of all options available to you. We can help deal with the problems directors face. We may advise that you consider option, such as a Company Voluntary Arrangement, Administration Order, Liquidation or, if possible, an informal arrangement.
For further information and free advice on business debts contact us through our contact form.