How did you let things get this out of hand? What has guaranteed your bank overdraft of 45k? I find it hard to believe that a bank in today's climate would let this overdraft arise. I wouldn't like to be one of your unfortunate employees if you don't intend paying redundancy.
Thanks for that graham.Havn't told my wife yet and need to have everything sorted before hand.Just wondering has anyone been in same position before.Accountant told me to meet suppliers and see if they will settle for less and close down business when as many debts are collected and start fresh on a smaller scale.I have a good business only for getting wrong clients who d'not pay and we have a top class product that is easy to sell.
my head is going ninty even in my sleep trying to slove this .
@ Voilet, I feel for you in your situation, but as Jack2009 says, you are a sole trader and you are personally liable for any debts incurred by the business. You cannot walk away from these debts by closing down the business for two weeks and then starting a new business. The debts will follow you until you manage to clear them.
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