|
The Facts
The facts for business failure speak for themselves when on average over the last five years over 26,000 businesses failed each year. One of the root causes for business failure is a lack of cash flow as owners wait for one of their customers to make their late payment for a job well done.
Based on the stats how many late payments at a time can one business cope with before insolvency begins to be an issue? If unfortunately 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?
If you are involved in a company that may be experiencing problems please do not hesitate to contact us now on 0845 055 8152 or complete the online form.
Be aware
Insolvency can hit a business in an unexpected crisis. Unfortunately many businesses fail as entrepreneurs believe insolvency could never happen to them.
Hopefully you will never face these problems. However Debt Plan Direct will ensure you do recognise the signs of crisis, whether they affect your business or that of a client or supplier and will help you to act swiftly with any debt problems.
A Loan will not help
Debt Plan Direct rarely recommends people to take out further borrowing to help resolve any existing debt problems. In times of crisis you will find many lenders or finance companies that are willing to lend you money or increase existing credit with extortionate rate loans often secured against your home.
This is definitely the wrong way to solve your debt problems. As the last thing you require is further borrowing on top of your existing high borrowing. In addition to this re-financing or taking a second charge loan against your home is financial suicide as you will risk losing everything.
Remember: It is not worth risking your home for the sake of a debt.
Company Directors
Is your business in financial trouble? Running a company today can be volatile and it is likely that a number of companies will run into financial difficulty.
If you are involved in a company that may be experiencing problems please do not hesitate to contact us now on 0845 055 8152 or complete the online form.
|
