Sole Traders
When your business is potentially viable
If the review we will conduct, free of charge, shows your business is potentially viable your options will be one of the following:
Informal arrangements
Made between Debtor and Creditor, not involving the use of formal processes, like court judgements, IVA’s or bankruptcies for example.
Find out more
Refinancing
We can help you by analysing your requirements, preparing a business plan, including budget & cash-flow and introducing you to potential lenders.
Find out more
Individual involuntary arrangement (IVA)
(Is a formal agreement between you and your creditors, where you formally agree with your creditors to make payments towards your total debt.
Find out more
When your business is not viable
If the investigation shows your business is not viable, your options will be one of the following:
Business closure
This option involves settling your debts informally and closing down.
Find out more
Debt relief order (DRO) – you must owe less than £15,000
To apply, your total assets, excluding a car, cannot exceed £300.00 and your disposable income, after living expenses, must be less than £50.00 a month.
Find out more
Bankruptcy
Bankruptcy is one way of dealing with debts you cannot pay, so that you can make a fresh start. But, depending on your particular situation it might not be your best option.
Find out more
Either way, act now and get professional advice for free from 4Squared.
