Sole Trader Bankruptcy

Thinking of Sole Trader Bankruptcy? What Are The Options?

A sole trader bankruptcy applies to individuals who own their own businesses who go bankrupt (strictly speaking it is not the business itself which goes bankrupt, but the individual owner). Nevertheless, bankruptcy itself is a serious route to take, and so many sole traders may be interested to know that there are other ways forward.

An Individual Voluntary Arrangement (IVA) may be a good solution to individual bankruptcy, and there are equivalent schemes for businesses. For example, a Company Voluntary Arrangement allows a company which has experienced cash flow difficulties over a period of time to repay its liabilities over a number of years. Once these have been restructured (including anything owed to HMRC) any money generated by this (e.g. book debts) can be used as a source of working capital, rather than paying the old debts.

Whatever the size of your business, whether you are trading as a sole trader, a partnership or other entity, there is a solution available for your business if it encounters a problem. For some businesses, a formal process such as a sole trader bankruptcy may be required, while for others the answer may be to keep plodding away. the similarity of each approach is that early intervention and advice is the key.

If you would like to talk to a specialist with 17 years corporate insolvency experience about the possibilities of a sole trader bankruptcy, or any one of the alternatives which may be better suited to your own circumstances, then enter your details below for a no-obligation chat. We do not take a "one size fits all" approach as we know that each business and each set of circumstances can be very different.

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

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

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