I have had two customers go bust owing me thousands of pounds and I have had to lay off my staff and close shop. I am a sole trader so I’m personally liable for my debts and I’m considering an IVA. Has anyone got experience of this or have any advice?
IVAs are specifically designed to protect assets such as properties in positive equity and businesses – particularly limited companies where Directorships are involved – so if you have neither of these an IVA is a wretchedly expensive debt solution. We were not clear about whether you owned a property (with equity) or had any other notable assets, but if you don’t a 12 month bankruptcy is infinitely more desirable than a five year IVA. Call us and we’ll talk you through it.
Bankruptcy UK offers bankruptcy help across the board, including dealing with creditors like HMRC, completing the all-important Income and Expenditure and professional submission of the application online.
Feel free to call us with any other bankruptcy questions or for bankruptcy help on 01425 600129.