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Sole Trader Administration

Thinking of Sole Trader Administration? What Are The Options?

 

You may be considering sole trader administration but have you also considered the other options which are still open to you?

The term sole trader administration is not a legal term at all but may be applied to a situation in which a sole trader puts his or her business into administration because of crippling cash flow or an unforeseen (or even historic) debt problem.

Sole traders have a number of options when facing the prospect of winding up the business due to insolvency, not least of which is writing off the bad debts of the business by taking out an IVA (Individual Voluntary Arrangement) and then creating a new entity like a partnership or a limited company which continues to trade as a viable business, thus ensuring a continuing income for the business owner, and also work for any existing employees, etc.

A clear distinction should be made about what belongs to the business and what belongs to the individual who owns the business. A “sole trader administration” would need to take into account what assets were available to the business as well as the liabilities to the business and the individual who owned it.

The solution may be to wind up the business and start afresh. There are a number of possibilities which would be available, including refinancing and a restructuring of the business to drastically reduce costs and overheads, getting rid of onerous leases and contracts, and in other ways making sure that the new business entity runs in a more lean and efficient manner.

If you would like to talk about sole trader administration to a specialist with 17 years corporate insolvency experience then enter your details into the web form below for a no-obligation chat.

However, if you need help with personal debt (rather than business related debt) go to our free debt management plan application form.

 

 

 

 

We specialise in the following:

business debt factoring
invoice discounting

business bankruptcy
business finance

company bankruptcy
voluntary arrangement

pre pack administration

voluntary liquidation
business liquidation
wrongful trading
business insolvency
business rescue
business turnaround

pre pack liquidation

 

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