Services for Businesses,
Limited Companies and PLCs

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.

"...The reality is, we can be far more helpful to business if we can get involved at the first sight of clouds on the horizon rather than just when the storm hits..."

Jeremy Priestley
Managing Partner