Services for Accountants, Business Consultants,
Support Agencies and Solicitors

Sole traders

Financial difficulties inevitably cause uncertainty and anxiety for those involved. At The P&A Partnership we understand these tensions and know that speedy solutions and an understanding of the way forward are in everybody's best interests.

These services may include the following:

• A financial health check encompassing a review of future prospects, funding requirements and recommendations;
  
  
• An individual voluntary arrangement, where the creditors contract to accept a portion of the debt outstanding, which is paid over a period; this avoids:
  • the stigma of bankruptcy
  • the seizure of personal assets
  • the restrictions of bankruptcy, particularly the ability to incur credit and act as a director.
    
    
• Bankruptcy - normally recommended as a last resort. We will explain and lead you through the different processes and can act as your trustee in bankruptcy.
  

Sole traders are reminded that:

Unlike a director of a limited company, they are automatically liable for the debts of the business. and where financial difficulties are experienced they must:

• establish an up to date financial position,
  
  
• consider the prospects for survival, taking care not to be over optimistic or unduly pessimistic,
  
  
• formulate and implement a prioritised action plan to remedy the business's financial difficulties where viability is not in doubt,
  
  
• seek the advice of a licensed Insolvency Practitioner immediately where viability is in doubt. An initial consultation with The P&A Partnership is always without charge.

We will advise you whether there is a need for informal or formal insolvency proceedings, which could result in the survival of the business and avoid bankruptcy.

"...We have strong working relationships with a large number of independent accountants and professional advisors; these relationships have developed because of our ability to find practical solutions to solve their client problems and because we do not compete with them ..."

John Russell - Partner