You can feel very vulnerable if you are self-employed because all the liabilities of the business are in fact yours as well.
Our aim is to help you decide whether or not the business can keep going and if so the best way of doing that.
In some cases you may in fact 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 it can be protected.
We have listed below the various insolvency procedures open to you if you are self-employed with debts. We can help you choose the best and right option for you. Please do ask us if you would like any further information or how you think we could help.
Sole Trader and Partnership Insolvency Options:
- Individual Voluntary Arrangement: We go to Court and get your debts frozen giving you time to pay. This can be used for partnerships as well.
- Bankruptcy: We help you complete the necessary forms which can be done online.
- 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.
- Debt Management Plan: We create a debt management plan if you are not in business at present and have bank loans and/or credit card debts.
- 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 assess the debt owed to creditors, what assets you have remaining and what you would like to achieve.
An initial meeting is 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).