Business Debt Advice

As an owner, you will know the impact business debts can have on your personal circumstances. It is never easy to remain objective about the future for your business when things start to go wrong.

How many bad debts could your business cope with? An average of 23,000 businesses fail each year, so what would happen to you if your business was to go bust?

• Would your house go to pay the business debt?
• Could you be forced into personal bankruptcy?
• Would your relationships survive the stress of business failure?

Every business faces financial difficulties from time to time and the earlier these are dealt with, the better the resolution. Best to seek advice early than bury your head and your business.

At ICS, we can help. From providing access to cash flow finance providers through to IVA's and specific arrangements for partnerships, our team can advise you of the best solution for your personal circumstances. The sooner you call, the sooner we can start to help you with practical advice and support.

Individual Voluntary Arrangements (IVA's)

An Individual Voluntary Arrangement (IVA) acts as a legally binding agreement between you and your creditors and can only be set up by a licensed Insolvency Practitioner. It is a real alternative to bankruptcy and could mean you can continue to trade. An IVA avoids the stigma of bankruptcy and provides a flexible process for the repayment of debts.

What an IVA can do for you:

• Creditors are bound by the arrangement.
• It may be possible to avoid disposing of your home.
• Affordable repayment levels.
• There are fewer restrictions than apply in bankruptcy
• Professionals eg solicitors/accountants could be able to continue to practice without losing their practicing certificates
• Unlike bankruptcy, an IVA is not reported in local newspapers
• The stigma of bankruptcy is avoided

Bankruptcy

Our bankruptcy team are able to provide practical advice and assistance in dealing with the implications of bankruptcy and the available options to avoid bankruptcy.

In all circumstances, we aim to provide the most practical and appropriate advice to meet your specific circumstances.

For further information on IVA's contact the ICS helpline FREE on 0800 731 2466 or complete the contact form.