"There was a lot of other stressful issues going on in my life at the time of the bankruptcy and I have to say without Stuart’s advice and help I don’t think I would have gotten through it as well as I have. I cannot thank Oakdale enough. I would recommend them very highly."

BUSINESS INDIVIDUALS

Debt Advice for Limited Company Directors and Sole Traders

Even when your business is in a very poor financial position, it may still be possible to continue trading. There are strategies that may be able to help you in even the trickiest situations.

Getting help at an early stage will mean a wider range of options will be open to you. Professional advice at this stage can greatly increase your chances of saving the company as well as ensuring you are doing your duty in minimising creditor losses. We help business owners understand their options and help them develop a clear roadmap of where they want to get to. It is surprising how much more able they are to be productive in their business once their stress is reduced.

Depending on what type of entity your business trades through, there are a number of options. If you use a limited company, then the following solutions may be available:

  • Company Voluntary Arrangement (CVA)
  • Pre-Pack Administration
  • Creditors Voluntary Liquidation

If your business is not incorporated, i.e. you are a sole trader or a partnership; then the following may be viable:

  • Individual Voluntary Arrangement (IVA)
  • Partnership Voluntary Arrangement (PVA)

To determine the right course of action it is important to take advantage of a no-obligation consultation between the owners and an experienced insolvency adviser. The outcome of which should result in a recommendation being given and a clear course of action agreed to help achieve the turnaround of the business, whether it be via the existing or a new entity.