Business Failure - The Facts
Introduction
Speak to a company debt advice specialist or click here for further advice
In the five years from 2006, an average of 30,000 businesses failed every year. Our research shows that, if you have a customer that goes bust, you will be lucky to get back more than 10p in the pound on any outstanding debts.
How many bad debts like that could your business cope with, before it too became an insolvency statistic? And, if your business were to go bust, what would happen to you?
- Would you lose your job?
- Would your house go to pay the business's debts?
- Could you be forced into personal bankruptcy?
- Could your inaction lead to disqualification as a director?
- Might you find yourself facing fines or even prison?
- Worst of all - would your relationships with those near and dear to you survive the failure of your business?
Look for the signs...
Sadly, too many businesses fail because directors seem to believe it can never happen to them. It can - many businesses find themselves in an unexpected crisis. Hard choices may need to be made. But, if symptoms were identified early enough, many more businesses would find themselves in the recovery ward - not the mortuary.
You may never face these problems. However, Money Advice Direct will ensure you recognise the signs of crisis, whether they affect your business or that of a client or supplier.
Money Advice Direct will help you to act decisively and appropriately, should the need arise. We specialise in giving companies who are experiencing cash flow problems the benefit of non-judgemental, confidential advice from highly qualified professionals allowing them to make the correct decisions.
Speak to a company debt advice specialist or click here for further advice on:
IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]