Business Debt Help and Advice
Free Face to Face Meeting and Advice - Directors Advice Line 0800 063 9221
The consequences of business debt can be profound on all connected. If a limited company goes into liquidation, personal guarantees will come into play and directors can be chased for substantial sums of money.
In addition to this, small business debt and sole traders facing insolvency can all become personally responsible for money owed and this is when you need the right business debt solutions.
It is becoming less common for banks to lend money to limited companies without some form of guarantee, and so business debts are often secured against assets belonging to partners within the company.
If, for example, a company director has used his home to guarantee a loan for the business, and this company then enters into liquidation – the bank will want to use the security of the personal guarantee to make sure they get their money back!
Real business recovery has a team of individual insolvency experts and they will be able to assist and offer business debt advice in all matters relating to personal debts. This may be of particular interest to sole traders and people who have personal debts as well. In some cases a business debt consolidation loan may be the next step for your business to survive these testing times.
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