In the eyes of the law there in no difference between you personally and your business. Therefore, all liabilities are treated the same and so are your assets. However, if you are unable to pay your debts, then it is essential that professional advice is obtained at an early stage to protect your position.

Debtfocus can offer legal advice and practical solutions to your debt problems. First of all legal protection can be obtained from your creditors so that we can sit down, work out the position of the business and see how much money is available to your creditors going forward.

It may then be possible to put together a proposal to creditors that allows for the business to continue trading, jobs saved and leaves you back in the control seat. If such a procedure is possible then you will be free from debt in 5 years. Employees will be paid their outstanding amounts due up to certain limits under the provisions of the Employment Rights Act 1996 if the business is unable to pay them at this time.