Sole Trader Insolvency

Involved in Sole Trader Insolvency? What Are The Options?

The problem of sole trader insolvency is on the rise. Recent figures show insolvencies in England and Wales increased by 7.7% to 50,500 last year, the highest number for almost a decade.

As a sole trader, you will know the huge impact business debts have on your personal circumstances, and how that can impinge on your business. It is not easy to be objective and dispassionate about the future for your business when things go wrong.

As you trading as a sole proprietor, the restructuring of your business could simply take the form of an Individual Voluntary Arrangement (IVA).

An IVA means that you can reduce the debt repayments to creditors from 100p in the pound to as little as 30p in the pound as long as the creditors agree to this. You can elect to pay this off over a period of three to five years, and at the end of the period your debts are written off.

Sole trader insolvency may thus be a simple matter of restructuring your personal debt affairs without necessarily touching the business, if that is trading healthily. But if the business is being strangled by the burden of your personal debt then surely it is time to take action where it is needed, so that the business be allowed to flourish as it should.

However, if the problem lies with a systemic issue with the business itself then that will need to be addressed as well. You will be surprised what a new pair of eyes will reveal about the potentialities for your business. Having an outside expert look at things could mean the difference between success and failure, or long term success or short term disaster. Things can be spotted which you perhaps were not aware of.

If it is a matter of refinancing then we have access to the best sources.

If you would like to talk about sole trader insolvency to a specialist with 17 years corporate insolvency experience then enter your details into the web form below for a no-obligation chat.

However, if you need help with personal debt (rather than business related debt) go to our free debt management plan application form.

Can't move or sell your house because of negative equity? We may have the solution at Sell My Negative Equity House, our sister site.

We specialise in the following:

business debt factoring
invoice discounting
business bankruptcy
business finance
company bankruptcy
voluntary arrangement

pre pack administration

voluntary liquidation
business liquidation
wrongful trading
business insolvency
business rescue
business turnaround

pre pack liquidation

Site Map

Sole Trader Insolvency

Sole Trader Insolvency Help

Sole Trader Insolvency Advice

Sole Trader Insolvency Solicitor

Sole Trader Insolvency Lawyer

Sole Trader Insolvency Service