Advice For Sole Traders When Faced With Unaffordable Bills

  • Is your business facing severe financial pressure from your bank, HMRC or trade creditors?
  • Is your business debt no longer affordable? Are you concerned you may be trading whilst insolvent?
  • Is an unpaid customer invoice preventing you meeting financial commitments?

When business debt accumulates long term, the survival of your sole trader business may be at risk. And that’s when you need expert advice: just pick up the phone and ask our advice.

Perhaps you have received a large tax or utility bill, an unaffordable employment tribunal or legal bill, maybe you lost a major client or contract – with knock-on effects to your cash flow.

You need more time to pay, and: you need time to resolve the problems: and this is where our expertise comes in. The sooner you ask us to be involved, the more options become available to you. If severe financial pressures are distracting you from running your business, talk to us today.

Protection While You Continue Trading

As Licensed Insolvency Practitioners (regulated by the ICAEW), we specialise in business recovery. This means we help sole traders like you to turn around your business finances, while safeguarding you personally. There may be potential to continue operating your business if profit margins and sales pipeline are healthy.

It often comes as something of a relief to sole traders to learn we can win some breathing space from creditors while you focus on rebuilding the business and restructuring historic debts.

What Are Your Options?

We may be able to arrange a set time to repay your debt, based on what you can afford. And while

we:

  • Assess the situation
  • Complete the formal paperwork, and
  • Negotiate with creditors on your behalf

you can focus on running your business with greater peace of mind.

Just pick up the phone and ask our advice. We are here to help.

Pressure from the Bank?

Even if your bank is threatening to reduce or cancel your overdraft facility or, even worse, your bank account has been frozen, there may be scope for flexibility, so come and talk to us. A healthy cash flow will keep you in business.

When Bankruptcy Happens

When long term debts go unpaid, your creditors may serve a bankruptcy petition against you. If this happens to you – call us immediately.

Bankruptcy is the right option, in some cases.

But there may be less severe ways to resolve your debt problem. And if so, we have the expertise to support you. Let us guide you through the whole process.

Book a free, confidential appointment with one of our Insolvency Practitioners today. Call now on 01270 212 700 or fill out our contact form.

 

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