Freephone 08081 446611 for practical solutionsNews
May 2010
Insolvency Practitioners saved nearly 2 million jobs in 2009. The **** Com Res has estimated that the UK Insolvency Industry has helped to save nearly 2 millio... more
February 2010
INSOVENCY NUMBERS ON THE RISE The latest figures from the Insolvency Service show a 22.8% rise in Company liquidations during 2009. Similarly the number of Per... more
Sole Trader Insolvency
What is a Sole Trader?
A sole trader is a person who trades under their own name, or has a trading name. They do not trade through the medium of a limited liability company and are personally liable for all of his/her business debts. This is to be contrasted with the director of a limited company who may be able to place the company into liquidation and unless they have personally guaranteed debts, will not be personally liable for the company's business debts.
One of the major difficulties we have experienced with sole traders is that because they know that they are personally liable for the business debts, they tend avoid taking specialist advice in the hope that things will improve! Whilst if you are personally liable for your business debts, you could face bankruptcy, there are other options that are available if you seek advice early enough.
How Can Lines Henry Help?
We have helped many sole traders and partners to restructure their business and overcome their financial problems. This can be by way of an informal arrangement with creditors, or by using a formal insolvency procedure such as an Individual Voluntary Arrangement (I.V.A.). Where there are only a limited number of creditors an informal arrangement can be appropriate. However, in most trading situations an I.V.A. can provide a realistic solution.
An I.V.A. is an arrangement between the trader and all of their creditors, both business and personal. It is extremely flexible and can be anything from a short repayment holiday to a full and final settlement of all of their unsecured debts, through monthly contributions or a one off payment. In some instances third parties (usually relatives) have introduced a lump sum to pay creditors a one off dividend in full and final settlement of creditor’s claims. An I.V.A. has to be done through a Licensed Insolvency Practitioner. At Lines Henry, we are a specialist firm of Insolvency Practitioners who offer free initial advice.
For further information and a free consultation contact Lines Henry on 08081 446611.
What will it cost me?
This is a question you should ask any firm or organisation which offers insolvency / debt advice. Rest assured, Lines Henry as Insolvency Practitioners, do not make any up-front charge or consultation fee.
The following pages will help explain how and where we can help you.
Contact us
You can contact us by calling our freephone number 08081 446611. By emailing us at help@lineshenry.co.uk or alternatively by completing our call back form below:
Need Debt Advice?
Just-Debts is the one stop web site for people with debt problems. Whether you have debt problems, are currently in debt management and looking for an alternative, considering debt consolidation, or an Individual Voluntary Arrangement. Take advantage of our free consultation service.