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When you’re struggling to pay multiple debts, it helps to know which ones should take priority and which can be dealt with later. Some creditors have more power than others to recover debt, and can do so without going to court.
Here’s a list of the main priority and non-priority business debts, to help you focus attention where it’s most needed.
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We handle more corporate insolvency appointments than any other UK firm; demonstrating our commitment to helping directors and business owners in financial distress.
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Can’t pay CBILS or Bounce Back Loan?
Don't worry - there are thousands of other company directors in the same position. If you are struggling to keep up with your Covid loan repayments, speak to a member of the Real Business Rescue team to discuss your options. It's Free & Confidential.
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The consequences of failing to pay non-priority debts are less severe:
If your company is struggling with unmanageable debts, squeezed cash flow, or an uncertain future, you are far from alone. We speak to company directors just like you every single day, and we are here to give you the help and advice you need.
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Real Business Rescue has a team of insolvency experts to help you identify priority and non-priority debts within your business. We can contact creditors on your behalf to establish an affordable payment plan, or if applicable, enter negotiations for a formal insolvency solution.
Still unsure whether liquidation is right for your company? Don't worry, the experts at Real Business Rescue are here to help. Our licensed insolvency practitioners will take the time to understand the problems your company is facing before recommending the best course of action going forward based on your own unique circumstances.
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