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Mr Smith has 6 unsecured creditors with a total debt of £38,786, his current contractual monthly payment amounts to £1,163.58. After taking his income minus his essential expenditure into account, Mr Smith has £434 to service these debts. A Debt Management Plan was negotiated for Mr Smith who will pay £434 per month. This single monthly payment will be distributed to creditors on a pro-rata basis. This reduces Mr Smith’s outgoings to his creditors by £729 per month.
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It is now officially recognised that we are in a recession and this, together with the generally less forthcoming approach that banks are adopting with their business clients, makes it much harder for many businesses to function and continue to trade.
If you and your business are having difficulties, there are two main scenarios you will wish to consider in order to decide the future of your business:
a) Your business is trading profitably and you have short term issues that are causing the problems, i.e. restricted cashflow due to creditors not paying you on time, or your bank deciding to restrict or reduce your existing facilities. This may not be due to the trading pattern of your business, but due to your banks ‘less tolerant’ policy. You therefore are fully committed to saving your business and wish to continue trading. There are a number of options detailed below that can be considered and which, when implemented, would allow you to continue trading profitably.
b) If you are trading at a loss and cannot see a way forward, or how your business can recover, then you need to consider ‘winding up’ your business in a manner that is legal and limits your personal liability (if at all) and the long term effect it has on you personally, as much as possible.
Irrespective if you are limited company, LLP, partnership or sole trader, if you or your business has had problems, or forecasts that problems may arise in the near future, help is at hand.
Working in conjunction with our business partners, we can offer a range of Financial Solutions and Insolvency Services to businesses that find themselves in financial difficulty. These will take into account the circumstances of your business and any personal liability issues that may be relevant.
Face to face business appraisal meetings can be arranged, and you will be provided with all possible outcomes and options by an experienced adviser. After agreeing the best way forward to improve the chances of your business being saved, you will then be assisted in the practical implementation of any route you wish to take.
Company Voluntary Arrangements - CVA'S
Business Survival Options