Sole Proprietor Bankruptcy

Thinking of a Sole Proprietor Bankruptcy? What Are The Options?

Sole Proprietor Bankruptcy is usually thought of as a last resort, but have you safeguarded yourself? As a sole trader you will be becoming bankrupt as an individual rather than as a business owner, but your decisions on how to manage the bankruptcy and what to prepare for in the aftermath should not be undertaken lightly.

We have a huge amount of experience in handling insolvency matters of all sorts, whether you trade as a company, a partnership or a sole proprietor. Bankruptcy should always be seen as the last option, and there are other ways you can deal with insolvency which we would be happy to advise you about. An IVA might be a better option, for example. With an IVA you could write off up to amaximum of 70 percent of your personal debt and then pay off the rest over a period of up to 5 years. Creditors generally like IVAs because it provides them with a more or less guaranteed source of cash from what they are owed.

Things haven't been easy in recent years for the sole proprietor. Bankruptcy and insolvency in general are always over the shoulder of any business which constantly faces cash flow difficulty. It may be that there is something else needed in the business like a restructuring or an injection of low-interest cash. Or you may be wanting to ditch your present form and continue to trade more comfortably as a 'pheonix' limited company rising from the ashes of the old, where previous debts are left behind and you can expand as you had planned to do years ago.

If you would like to talk about sole proprietor bankruptcy to a specialist with 17 years corporate insolvency experience then enter your details into the web form below for a no-obligation chat.

However, if you need help with personal debt (rather than business related debt) go to our free debt management plan application form.

Can't move or sell your house because of negative equity? We may have the solution at Sell My Negative Equity House, our sister site.

We specialise in the following:

business debt factoring
invoice discounting
business bankruptcy
business finance
company bankruptcy
voluntary arrangement

pre pack administration

voluntary liquidation
business liquidation
wrongful trading
business insolvency
business rescue
business turnaround

pre pack liquidation

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