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Guest
Hi there. Basically, I've got a small business, limited company (just me) that's been going for 4-5 years. Initially a nice little earner, but market conditions have pared everything back. Current situation:
- owe 30k to a supplier (huge multinational company). This has gone to a debt collection agency.
- owe 18k to Revenue. They are sending sheriff-type letters.
- 20k on my bank overdraft. They aren't letting cheques go through.
- 14k on personal credit card. It's reached its limit.
I've made changes to try and pare things back, and I'm owed about 24k by clients, but it's gotten fairly stressful and I don't know if I can trade my way out of this. I need to consider my options.
So, good people of askaboutbusiness, what options do I have? I really don't know anything about liquidation, insolvency, etc. What would be the best way to close the business, without me being declared bankrupt or owing 50-60k?
On a side note, could it be done in such a way that I can continue to work with my clients (6-8 companies)?
I'm very worried about all this, it's taking its toll on me. I hope you can give some advice.
Thanks in advance.
- owe 30k to a supplier (huge multinational company). This has gone to a debt collection agency.
- owe 18k to Revenue. They are sending sheriff-type letters.
- 20k on my bank overdraft. They aren't letting cheques go through.
- 14k on personal credit card. It's reached its limit.
I've made changes to try and pare things back, and I'm owed about 24k by clients, but it's gotten fairly stressful and I don't know if I can trade my way out of this. I need to consider my options.
So, good people of askaboutbusiness, what options do I have? I really don't know anything about liquidation, insolvency, etc. What would be the best way to close the business, without me being declared bankrupt or owing 50-60k?
On a side note, could it be done in such a way that I can continue to work with my clients (6-8 companies)?
I'm very worried about all this, it's taking its toll on me. I hope you can give some advice.
Thanks in advance.