0800 644 6080
Call FREE from Landline and Mobile
Est. 1989

Small company struggling with recent trade and company debts

Licensed UK Insolvency Practitioners FREE Meeting for Company Directors

We can help with serious company debts, HMRC and creditor pressure, VAT/PAYE/Tax arrears, cashflow problems and raising finance.

Small company struggling with recent trade and company debts

We are a small independent tile and bathroom company. We have been trading for 9 years and have fallen on hard times the past year and a half. I have borrowed money through a business loan, a personal loan, credit cards etc. Before last year we turned over £600,000 but last year our bathroom sales were quite low. Currently I am about £80,000 in the red. I would be pleased if someone could give me some advise.


Answer

As a company director when it is apparent (or should be apparent to a reasonably competent company director) that a company cannot avoid insolvent liquidation they have an obligation to ensure the interests of creditors take priority over all others. A failure to do so can result in the director having to contribute to the assets of the company personally. It does sound as if the problems faced by your company are terminal although this initial view is based on very limited information. Accordingly creditors voluntary liquidation would appear to be the most appropriate option. I would like to carry out a financial review before this advice is confirmed.


Who we help

  • Company Directors
  • Finance Directors
  • Sole Traders
  • Accountants
  • Small Businesses
  • Large Businesses
  • Partnerships

Contact our team

Jonathan Munnery
Gillian Sayburn
Julie Palmer
Processing...
or Find your Nearest Office

Here at Real Business Rescue we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See PRIVACY POLICY

Business Rescue Advice for Directors

Free Guide for Limited Company Directors

Business Rescue Advice for Directors

  • How to manage company cash flow problems
  • Advice on dealing with HMRC
  • Understanding rescue and closure options
  • And much more...
Free Guide Download
Desling with your Insolvent Clients

Business Rescue Guide for Accountants

Dealing with your Insolvent Clients

  • Helping you advise insolvent clients
  • Spotting signs of client distress
  • Exploring business rescue options
  • And much more...
Free Guide Download

Our numbers speak for themselves

75
Number of UK Offices
30000
Directors Helped
70+
Licensed Insolvency Practitioners