- We can help you to liquidate your existing company and restart a new company. This will help you to minimise the loss of assets and staff jobs. We’ll also ensure your company is protected from legal action by your creditors and offer you free advice and guidance to give you peace of mind.
- Writing off business debt all depends on your business’ situation; every situation is different. We can do a short over the phone assessment and advise a solution that best suits your business’ situation.
- We can look at restructuring options which can help ensure the survival of your company. The objective is to ensure your business can continue to trade and grow sustainably.
- Struggling with unpaid HMRC bills can be a common problem for businesses. Paying these debts off in full can sometimes have a detrimental effect on the cash flow of the business. We can help you come to a payment arrangement with the HMRC which allows struggling businesses to repay their outstanding corporation tax, PAYE/ NI or VAT liabilities in instalments, rather than in one go.
- Every director has a loan account, it can either be in credit because you have invested personal monies into the business and not taken anything out of it. The directors loan account can also be overdrawn due to taking monies (usually dividends) out of the business irrespective if the business has made a profit. If you have taken monies out of the business and the business has not made a profit, this will place you into an overdrawn loan account; meaning you become a debtor to the business.
- Both companies and individuals can fall into debt when they’re unable to make the repaymentsto their creditors. Company debt and personal debt are both separate and don’t affect one another. Ifyou have a Personal Guarantee, then there can be instances when a business’ debt could affect your personal finances.
- If you feel you are unable to recover your business and trade in a solvent manor, we would urge you to contact us immediately. In this instance there is a great chance you are trading illegally as your business is insolvent, this causes a great risk to you personally and financially.
- Being a sole trader, or self-employed, means you are personally responsible for all your debts. These can include anything from credit cards, mortgage repayments, all the way to suppliers and HMRC.
- We do not charge any upfront costs for initial advice and assistance, if you're struggling with debts please don't hesitate to get in touch.
- A winding-up petition is the most severe legal action a creditor can take against your company. Ultimately it could mean the collapse of the business. If you don’t act fast, it could lead to your business being put into compulsory liquidation and you losing all business assets.
