Every year more than 20,000 businesses in the UK fail and, as a sole trader, you know only too well that business failure can have a severe effect on your personal circumstances.
It's hard to stay cool and detached if you are faced with the risk of losing your home to pay a business debt or being forced into personal bankruptcy - with all the effects that can have on your family and relationships.
At Marshman Price, we've helped sole traders and partnerships to turn their businesses around and while circumstances always differ, there's one key factor that stays the same: you're always better off acting early and talking to a professional than simply hoping that something good will turn up. Talk to us and you'll find a helpful and professional response. The sooner we talk, the quicker we can help - the hardest part is picking up the phone.
As a sole trader or partnership, there are a number of options for you. These include easing cash flow by giving you access to finance providers, through to voluntary arrangements and strategic business planning.
Individual Voluntary Arrangements
An IVA is a legally binding agreement between you and your creditors that is set up by a licensed insolvency practitioner. An IVA can keep you out of bankruptcy and allow you to carry on trading. Not only does it avoid the publicity and stigma of bankruptcy, it also gives you the opportunity to use a flexible, affordable, way to repay debts. Similar procedures are available to partnerships.
If it's not possible to avoid bankruptcy, we provide practical, sensitive advice and assistance in dealing with the implications of bankruptcy and how to cope with them.
Whatever your personal circumstances and the options available to you, you'll find our advice invaluable.