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Sole Trader or Partnership

Confidential & Impartial Advice

We give confidential and free initial advice to struggling business owners.

You may feel very vulnerable if you are self-employed or in a partnership as all the liabilities of the business are in fact yours as well. If your partnership has been set up as an LLP (Limited Liability Partnership) then your options are different and you should look at our limited company home page as those same rules will apply.

Our aim is to help you decide whether your business can keep going and if so the best way of doing that.

In some cases, you may already know what you want to do. For example, to just close the business and declare bankruptcy. However, you may be surprised how we can help, particularly if you own a house with your partner and how in some cases the house  can be protected.

We have listed below the various insolvency procedures open to you if you are self-employed or in a partnership with debts. We can help you choose the best option for you. Please do ask us if you would like any further information or how you think we could help.

Insolvency Options

This may be:
  1. Individual Voluntary Arrangement: We can go to Court and get your debts frozen giving you time to pay or come up with a proposal. This process called obtaining an interim order can be used for partnerships as well. IVA’s or PVA’s are then voted on by your unsecured creditors. You need 75% of those that vote (by value they are owed money) to agree to the proposals.
  2. Bankruptcy: We help you complete the necessary forms which can be done online.
  3. Informal Arrangement: Typically we make arrangements with your creditors to repay them once an asset has sold or over a period of six to twelve months.
  4. Debt Management Plan: This is a long-term time to pay agreement where the interest charges to you are frozen. You then make monthly payments based on what you can afford. They are informal arrangements and we do not deal with these. They usually work for private individuals not in business
  5. Partnership Administration Order:  A fast and efficient Court freezing order to allow the business to be sold on or financially restructured (only available for partnerships).

In all cases we ask you what you want to achieve and try and help you do that.

Next Steps

Please telephone or email us with any questions. An initial free meeting can be arranged to discuss your options. We will then go through the above possibilities with you, making clear recommendations suitable for you (there is no charge for the initial meeting).

A typical list of what we will ask you to bring with you to a meeting is:

  • A list of everyone you owe money to including copy letters from any who is pressing you.
  • A list of your assets.
  • Your last trading accounts.
  • Some photo identification.

Following the meeting we can set out the recommendations in writing for you to consider.



0808 1961496


Across the South West, London & Wales

Just a quick email to say a heartfelt thank you for your very calm, considered, expert advice regarding my circumstances on Tuesday. Things looked bleak before you explained my options much more clearly, in simple layman’s terms.
Rob Elliott (14th December 2021)



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David Kirk Portrait

David Kirk

Licensed Insolvency Practitioner