Sole Trader with big problems

N

Norman

Guest
I'm a sole trader who has 3 businesses,1 has closed down due to the economy and this has accumulated outstanding debts to revenue,bank and suppliers. The other 2 are just about holding on, I have been trying to sell them to raise some money to pay off something,but no offers as yet. One of my creditors has now secured a judgement against me which has been passed to the sheriff. I have not entered into any payment schemes with anybody as basically there is no money to do this with.I don't know which way to turn.There is no equity in the family home which is jointly owned. Can anyone advise a possible solution or what is the likely outcome?. With the threat of the sheriff imminent from just one creditor, should I approach revenue first?. I have seen the debt management companies advertise but at the moment we don't have any excess cash to put into these. Any help would be gratefully received?.Also does anyone know what the procedure is with dealing with the sheriff?
 
As you are a sole trader, the business liabilities are your personal liabilities.

Do you have an accountant? If so, speak to your accountant in the first instance.

Otherwise I would suggest that you speak to MABS.

Doing nothing is not an option for you.
 
As above, id suggest a meeting with your accountant. You dont want to get into dealing with the Sheriff if at all possible.

After that MABS is your next best bet, but if your accountant knows what hes at that would be the best move.
 
Thanks Brendan,MABS were not aware of the scheme, but i've left details with CAVA.
 
You must log in or register to reply here.
Back
Top