Sole Trader Insolvency - What are my options?
A Guide to Your Options - IVA, Bankruptcy
Having established the business’s position and your personal and business objectives you are now ready to consider the options available. Consider each carefully and examine the relevance to your business and its circumstances.
The guides to options available to sole traders in distress have been built with the you in mind, wherever possible we avoid use of the legal jargon that can annoy people in your position.
In this section of the web site we cover the legal options, the practical options, practical application of the law and our interpretation of the law. Be aware it is NOT AN EXHAUSTIVE GUIDE and the application of the law can be affected by the individual circumstances of the business - therefore it probable that you will have to take professional advice sooner rather than later. The aim of these option guides is to better prepare you for those meetings.
To go to the section you want to read press the quick-links below. You will also find links embedded in the pages to quickly take you to other pages that you may want to check. If you want to go back to the place where you clicked that embedded link, just use the back arrow in your browser tool bar (usually top left of the screen).
Finally, remember your home, your livelihood and perhaps even personal relationships are at risk if you do not consider the position carefully, consider the objectives and then look in depth at each of these options. Make a decision to ACT and to deal with the problems that you face.
Survival of the business with you in control
Closure of the business
- Debt Collection – how to chase your money and what people think when they hear the excuses you use for non-payment
- Doing Nothing – is this seriously an option?
- What is the Bank’s View – They won’t wait for a decision indefinitely
- 99 Marketing Questions
Individual Voluntary Arrangement (IVA) - a detailed guide
Bankruptcy: a plain English guide to the bankruptcy option
Only individuals can...
Worried about poor cashflow? Feel you have got into a bit of a mess? Covid-19?, How to pay wages on pay day? For reassuring advice on a range of issues download our free Ultimate Guide For Worried Directors today. Or just call us on 0800 9700539
Please note that the guide includes updates due to Covid-19 For instance there have been some changes to insolvency legislation that limits creditors actions. A new 20 day moratorium for distressed businesses has also been introduced.