We will take the time to listen and understand.
No matter what, we will then provide real solutions to your situation and help take away your stress.
Call our experienced team today 01455 555444. Alternatively…….
Is it still possible to rescue an unincorporated business?
Yes. The approach to supporting a business in financial distress is the same in all situations. Listen, understand, question, brainstorm, plan and implement.
Business rescue if you are a sole trader or unlimited partnership
The time available to construct a rescue plan is key. Identifying the most pressing matters and negotiating time will allow a full review to be undertaken and a rescue plan to be put together. This is crucial.
Our experience of successfully working with businesses allows us to quickly identify the key issues and positively work alongside the business owners to return the business to profitability.
Why there’s a difference in rescuing a business that is not run through a company
A difference becomes clear when restructuring and negotiating doesn’t lead to a viable future for the business. This position may mean that debt needs to be reduced or restructured for the business to continue.
There are less options available to a business that is in need of substantial debt restructuring when the business is operated outside of a company.
The other key difference is that the money due from a unincorporated business has, in many cases, to be paid from the personal wealth of those that operate the business as well as from the assets of the business itself.
Formal options for an unincorporated company
Depending on your personal situation i.e. if you have a family, if you are a home owner etc. will have an impact on which of the following processes would best suit your needs. Please contact us for a free, confidential consultation – 01455 555444.
|Individual Voluntary Arrangement||A contractual agreement based on the individual’s ability to afford repayments.|
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|Bankruptcy||Initiated by the debtor or creditors by presenting a petition for bankruptcy to the court.|
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These are the two formal insolvency processes used by individuals, sole traders & partnerships who are struggling with personal insolvency.