With the benefit of hindsight, it sometimes becomes apparent that internal decisions regarding purchases, product pricing, salaries and office costs, for example have resulted in unexpected debts, which can damage the health of the business.
External factors may also result in financial strain for the business. Contract delays or cancellations, loss of customers and unexpected product supply issues are examples of matters which can quickly lead to serious cash flow difficulties. How you deal with business debts will depend, to some extent, on whether your business is a limited company, a partnership or your own business as a sole trader.
How Bennett Jones can help
The Bennett Jones team can help you navigate business debts, and the challenges they present. This may simply mean that we assist in guiding your company back towards an earnings model that is profitable and returns the business to solvency.
If the problems are more serious, the Bennett Jones team can support you by looking at a range of solutions. These can include refinancing existing debts, informal repayments arrangements and also formal insolvency solutions designed to assist with business recovery. With our support, you can consider every option, including selecting a plan for restoring stability immediately or over a gradual timeframe. Even if it is not possible to rescue your business, we will guide you through the process of an orderly wind down. In doing so, you’ll achieve the best outcome for you and the stakeholders in your business.
Bennett Jones’ role in your financial recovery
Bennett Jones can investigate what you’re spending, both personally and if you are self-employed in your business, and help you understand whether an Individual Voluntary Arrangement (IVA) is the solution you need. Whether you need an IVA, an alternative debt solution, or simply information to help you organise your spending, we can deliver some peace of mind.
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One of our friendly team members will be in touch soon. We are fully trained to provide you with all the information you need on the options available to you. There is no obligation to proceed and you can opt-out at any time.
Why do you need my personal information?
This allows us to help you find the right solution for your circumstances and individual needs.
Why choose Bennett Jones?
Bennett Jones has helped thousands of people solve their debt problems. We understand how stressful and difficult life is when you can’t pay your debts and your bills.
You can trust Bennett Jones to help you if you are struggling to pay your debts. We specialise in Individual Voluntary Arrangements – a legal solution that allows for unaffordable debts to be written off. With an IVA from our team, you will make affordable repayments to your creditors over a fixed period, with the remaining debt written off at the end.
An Individual Voluntary Arrangement (IVA) is not suitable for everyone who needs help with their debts. If an IVA is not right for you we will give you free no obligation help so you can decide on the solution you need.