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Sole Proprietor Insolvency

Thinking of a Sole Proprietor Insolvency? What Are The Options?

 

Sole Proprietor Insolvency can be done the right way or the wrong way.

A sole proprietor insolvency can be used to describe an IVA or individual voluntary arrangement or a bankruptcy.
Many businesses in the UK are now incorporated, but a huge number of people are still working on their own, in small self contained businesses, doing anything from running a sandwich shop to a web design company. To be a sole proprietor is to accept all the risk in the hope and expectation that the rewards will follow. There will be no hiding behind a limited company if decisions go wrong. Any debts incurred in a sole proprietor insolvency will see the proprietor as personally liable.

The sole proprietor may find him or herself in need of advice and assistance as much as the next person. Indeed, we often find that it is this arrangement more than any which sees the entrepreneur put more and more of his or her own money into a venture, as the risk and rewards end up at the same table.

If a sole trader finds themselves in trouble financially it is not the end of the road.

We have helped hundreds of traders ringfence their debt, enter arrangements to pay back what they can afford and move on with their businesses, unfettered by debt but with the freedom and space to clear the liabilities they have built up.

In a sole proprietor insolvency we use a mechanism called an individual voluntary arrangement. Many of those reading this will have heard of this instrument in the context of consumer debt, but an equal number will not realise that this solution was designed for the small business owner.

Creditors are now all geared up to clearing IVAs through their sausage machine system and so it takes a special skill to prepare and get a sole trader insolvency IVA accepted. We have that skill. Please do not delay. If you have any issues at all in your business contact us and we will start you on the road to being debt free again.

If you would like to talk about sole proprietor 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.

 

 

 

 

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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