Sole Traders & Partnerships

SOLE TRADERS OR PARTNERS ARE PERSONALLY LIABLE FOR ALL THE DEBTS OF THE BUSINESS. WHEN AN UNINCORPORATED BUSINESS FAILS THE INDIVIDUALS CONCERNED WILL NOT ONLY FACE THE LOSS OF THEIR BUSINESS AND INCOME BUT WILL ALSO RISK THE LOSS OF ANY PERSONAL ASSETS, INCLUDING PROPERTY AND SAVINGS.

If your partnership or business is in trouble is is vital to get advice to determine your financial position to consider your options. After an initial assessment we would present the options available, including:

Re-financing and re-organising your business in order to trade through your current difficulties. It may be possible to re-mortgage your property in order to consolidate your debts on a workable basis, which we can arrange.
An Individual Voluntary Arrangement (IVA) with your creditors will deal with your debts and allow you to continue trading. Interest on your debts will be frozen and you pay only what you can afford. At the end of the IVA your remaining debts will be written off in full and you will be debt free. An IVA should not interfere with the running of your business or put your business at risk. We can prepare proposals for an IVA for you and deal with your creditors on your behalf.

If an IVA is not appropriate and your business can not be saved, bankruptcy may be the best option for you. We will advise you on the best option and if it is bankruptcy, we will help guide you all the way through the process.

Call now on 0800 068 6857 to find out how we can help.


Call us free & confidentially on: 0800 068 6857
Hart Shaw LLP | Europa Link | Sheffield Business Park | Sheffield S9 1XU | chris@hartshaw.co.uk