Unlike limited companies and LLPs, be aware, if you are in partnership or operate as a sole trader, you are personally liable (more than likely on a joint and several basis) for any debts of the business. It is therefore imperative that you take early advice to allow us to take steps to protect your personal financial position as much as possible.
We will undertake a review of the financial position of your business, explain the personal implications to you and recommend an appropriate strategy that in the first instance will always seek to avoid bankruptcy. This can take the form of informal agreements with creditors, raising additional finance from assets to settle outstanding debts, or if necessary the proposal of a Partnership Voluntary Arrangement (PVA), Partnership Administration or Individual Voluntary Arrangement (IVA).
In circumstances where personal bankruptcy is unavoidable, should you require it, we are happy to be engaged to help you through the bankruptcy process.
The Harrisons group includes a dedicated personal insolvency division, DebtChampion, which provides advice and personal debt solutions to individuals who are in personal financial difficulty and who aren’t sole traders, in partnership or own any complex assets / business interests. If you require personal debt advice please visit our DebtChampion website using the link below.