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If you are Self Employed, Own a Business or are a Sole Trader and are struggling with your debts Debt Solutions can offer you help. We offer free, confidential, no obligation advice to self employed individuals and small businesses who are struggling with their debts, whether they be personal or business debts.
There are several Business debt solutions that we offer to help your business, the most common being a formal Insolvency arrangement. There are different types of Arrangement depending on your type of business debts. There are
A Sole Trader is an Individual who is running their own business and it is not a Limited Company. If you are a small business and are struggling with debt then no doubt you will be finding it very difficult. As you are a sole trader you cannot separate your business and personal debts. You are responsible for all the business debts which are treated the same as your personal debts, even if you stopped trading. An IVA may be a suitable Debt Solution for Sole Trader Debts and may also help your business continue to trade. For advice and information on Sole Trader Debts call our debt advisors on 0800 043 0200.
If your Business is a Partnership then all partners are jointly liable for any debts the business may incur. The debt cannot be split into partners shares, all partners are responsible for the total debt. So if in a scenario where one partner cannot meet a debt payment the creditors will seek the debt payment from the other partner. If one partner of the business is made bankrupt, although the debt is writen off for them the creditors can still pursue the other partners for the full debt. For advice and information on Partnership Debts call our debt advisors on 0800 043 0200.
In a Limited Company the debts belong to the company. This means that if the company is deemed Insolvent the directors and shareholders are not liable for the debts as they are all in the name of the company, unless they have personally guaranteed the debt. If the company could not make its debt payments it may need to stop trading and be liquidated. A Director or shareholder may not be personally liable for the companys debts but they can be personally liable for...
For Limited Company Debts a CVA (Company Voluntary Arrangement) may be a suitable debt solution. A CVA is like an IVA, its is an agreement between the limited company and the creditors. It allows you to continue trading while paying back some or all of your debts. For more information on CVAs and Limited Company Debts call our debt advisors on 0800 043 0200.
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