As a business owner is there an informal business debt management plan that I can enter into in order to contain my business debt so that I can continue to trade? I have a positive business but have been subject to staff theft and I now have debts that I need to clear up. I need some type of arrangement for 3-6 months so that I can get my affairs in order. Can you help?
Ordinarily Debt Management Companies do not offer such plans. They will suggest an IVA or a CVA (company voluntary Arrangement). The latter might sound attractive, but it’s a long term plan and we don’t think it’s suitable. All considered, it might be best if you approached your bank for some type of credit facility. The upfront cash would settle the outstanding debts and a bank will be flexible re repayment.
We would be pleased to speak to you to establish the facts and see if we can mediate an informal arrangement, but it is often the case that companies want a formal arrangement in place.
Bankruptcy UK offers bankruptcy help across the board and will submit your application online. Court appearances for bankruptcy are no longer required. Feel free to call us on 01425 600129 for a chat about your circumstances.