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Debtsolve - Business Isolvency Advice and Information

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Debtsolve Trading and Corporate

At debtsolve ® we boast more than 70 years of combined 'hands on' insolvency experience. Chris Smethurst, our Insolvency Practitioner, has benefited from 20 years with Ernst & Young followed by several years with Kroll and Begbies Traynor dealing with all aspects of trading difficulties from sole traders, partnerships and agricultural businesses up to multi-national corporations. Chris Smethurst has both administered and advised on all the procedures subsequently mentioned.

Whether you are a small business struggling to get going or a mature multi-site business we can help you reflect and see your issues in perspective.

Our Promise

It is our aim to make sure that your next step is in the right direction for you. We conduct all our meetings in a friendly, helpful and practical manner.

How we can help you

Trading and Corporate problems happen. There are few business success stories that do not follow periods of learning and recovery from issues such as being over-extended, bad debts and unexpected adverse trading conditions. Most successful business people do, however, have one thing in common. They tend to deal with problems and know when to seek help and advice.

It is never too early to pick up a phone and share our experience. Numerous studies show that options reduce as business problems deepen. Call debtsolve and we will help you immediately.

Business Bankruptcy

The term bankruptcy is often applied to all forms of insolvency problems; however bankruptcy only applies to individuals. Clients often ask about “Business Bankruptcy”, when they are looking to liquidate their company, or place it into Administration. If you are a sole trader/in a partnership here are the pros and cons to Bankruptcy.

Pros

  • Creditors’ actions effectively frozen
  • Sole trader can still trade under own name in future
  • 3 year contributions versus usual 5 years in IVA
  • Automatic discharge possible in 12 months

Cons

  • Risk losing owned property/home
  • Businesses usually cease trading immediately
  • Difficulty obtaining credit over £500
  • Investigation of prior events
  • Stigma/Local advert
  • Lose professional/business status
  • Impact on existing/future employment
  • Cannot be a company director
  • Difficulty entering into contracts
  • Bankruptcy may terminate certain contracts
  • Inheritances or windfalls go to creditors whilst bankrupt