If you own a business or run a business that is in debt and you are unsure if you can meet the repayment terms of the debt, then you should consider taking company debt advice now. So what would be included in any advice?
The advisor would need to understand the extent of the business debts; the repayment terms and why you were having problems meeting the terms of any interest and repayments. Dependent on the business circumstances then there would be a number of potential solutions to the problem.
So firstly the advisor will understand the precise situation and then explore the different solutions:
The solutions vary from debt restructuring with existing lenders or new lenders, through to seeking a prepack administration, or, a company voluntary arrangement or going into administration. You will need professional advice to understand the implications of the various solutions, the benefits and to agree how to go about them.
You will find details on other pages of the site relating company voluntary arrangement, administration or prepack administration. You will also find an introduction to business finance where you can see other forms of finance which may not have already been pursued; for example invoice discounting.
The symptoms of a problem include: the inability to pay creditors when due; creditors pressing hard for payment – possibly refusing to supply goods or services; county court judgements; delaying vat or ni/paye payments. These kinds of problems are relatively common and you need professional advice to go through the minefield of options in order to select the right one for your business.
We recommend you read about the options in the rest of the site or ring us to discuss the issues in a confidential no obligation discussion. If you have read more then we will be able to discuss the options you think are appropriate; the quality of the advice will depend on how detailed is the information relating to the business.
We will be able to be detached enough to provide the basis for an informative discussion and commence the process for a quality solution, however, severe the debt crisis. One thing is for sure – discussing now will relieve the business from pressure as the solutions will start to be discussed. So for company debt advice, call us now. We have been around for many years providing relevant company debt advice.