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My business is struggling and cannot pay its debts. Where can I get help?"

If your business is struggling there are lots of options available and advice. There are mentor programs, government advice services that can be accessed by the department of business innovation and skills (DBIS).  There are debt charities (although they are more for personal situations) There are even finance options, although these will be difficult to obtain if the business is in financial difficulty.

Plan A; Avoid insolvency with informal deal

If my company can't pay its debts, how can it avoid insolvency? What can you do?

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Company Voluntary Arrangement or CVA

What is a company voluntary arrangement? How does it work? Can costs be cut dramatically in a CVA?

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Administration

What is administration? What does it mean to appoint an administrator and how does it work? Who can appoint an administrator? What is a pre pack administration ? How do you do an administration followed by CVA?

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Trading Out

A common sense way to trade out of cash flow problems.This a very common approach. Your company hits a problem that is not life threatening but you have serious cashflow difficulties, possibly Tax and VAT arrears and creditors shouting loudly. Following this guide and applying common sense may help you get out of that position.

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Time to Pay VAT & PAYE Programme

Under the Business Payments Support Service, your company can obtain a time to pay deal directly from the tax man. Call 0845 3021435 and ask for assistance. Ideally your will have prepared forecasts, cash flow forecasts and a plan to repay the tax over an AFFORDABLE period of time. We can help you with this.

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Receivership

If your business is in trouble and the relationship with the bank is breaking down, we suggest that you look carefully at the guides in this site. Work out the viability of the business, can you trim costs? Work out the problems, set out the position and have a meeting of directors.

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Voluntary Liquidation

What if there was a way we could quickly close the company and get rid of our worry and stress? We don't want to risk personal liability and we need to stop these creditors putting us under more pressure. Voluntary liquidation could be the answer!

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Compulsory Liquidation

When a company ends up in compulsory liquidation it is usually a sign that a creditor has given up trying to recover money from the company, or it indicates that a Crown or Government agency has wound up the company, using a winding up petition under the public interest. So, how does a company go into compulsory liquidation and what happens in the winding up process?

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Company Voluntary Dissolution

With only a few debts, dissolution might be the answer

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Refinance Your Company

Our guide to refinancing the company.

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Trade Sales Guide

Selling your business when it is in distress is difficult as buyers will want to know why and will price accordingly.

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