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