When deciding to close your business, there are several variables to consider, many of which are dependent on the type of business you own, for example, as a sole trader the most favourable solution may be to cease trading or a formal arrangement such as an IVA.
With a ltd company, there are several options, some of which are determined by your current trading situation and debt levels, these may include liquidation or striking-off.
Ltd, Sole trader, Partnership or Limited Liability Partnership? Irrespective of your business type R2B will manage the entire process; We are completely independent and have our clients’ interests at heart; our first port of call is to understand your situation and your desired outcome. Often clients wish to keep trading but may feel so overwhelmed they cannot see a way through their current circumstances, in this case, we may be able to help turnaround the business. If company closure is the only option, we will help you to achieve this in the best way possible for you.
Once we have established how we can help you, we ask you to pay our fee upfront, so that it doesn’t add to your debts and give you something else to worry about. With that out of the way, we can formulate a detailed step by step plan to achieve the best outcome for you.
Our team have a combined 30 years of experience in helping businesses who are struggling with debt. We work out of our office in Hailsham, Sussex or our satellite office at HUBXV within Ascot Racecourse Berkshire, but will gladly visit you at your premises or home all over London and the South East.
Because being in debt can be a very isolating experience, we listen to you carefully and without judgement to provide frank, honest advice and support. We work for you, not the bank or HMRC or your other creditors.
We’re totally open about everything we do on your behalf and keep in contact with you throughout the process to set your mind at ease.
It’s certainly possible but will be dependent on the chosen solution and various other factors. Generally, a liquidation will see all standard company debts written off. The notable and common exception to this is a company loan or loans taken out with a personal guarantee. Speak to a member of our team today.
This is dependent on the solution chosen. We can outline the process in more detail once we have assessed your current debt levels and have an understanding of how any loans or debts may affect your situation.
Writing off your debts may affect your credit rating, and again it may not, this will vary and may be more likely if you run your business as a sole trader. We can provide you with a firmer answer after understanding your situation, the businesses status and the composition of your debts.
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As is the case with employees, directors of limited companies have statutory rights and therefore may be entitled to claim redundancy. Again this is dependent on several variables. However, we should be able to give you an early indication as to whether this is possible.
Redundancy payments will vary dependent on your unique circumstances if the company is liquidated redundancy payments typically arrive within a month
Get in touch for a discreet and confidential conversation we are not here to judge and will advise you in a simple, straightforward way, at R2B we treat each case entirely on its own merits. Our primary focus is to work out the best possible route forward for you and your business while protecting your assets and ensuring you come through the process in the best possible financial shape.
If you know you have a business debt problem, it is imperative to act as quickly as possible. Although upsetting and often challenging to face, financial issues do not go away. Letting the situation drag on often results in the problem becoming larger and may ultimately result in personal liabilities.
At R2B business solutions our aim is to stand side by side with business owners that are in debt and take the strain off them in some very stressful situations.
Sometimes it is either not possible or not appropriate to turn the business around then we aim to provide a soft landing to protect what matters to the business owner.
A liquidator normally uses business assets to satisfy company debts. In short, This option facilitates the closure of the company and its associated obligations, which in turn, leave the companies directors free to open a new business.
We work with businesses to achieve the best possible outcome from your debt situation. Because we work for you, the business owner, and not the bank or creditors. Options may include reducing or restructuring debt or reducing payment terms.
An MVL treats any remaining profit in the company as capital instead of income, which, in turn, means the remaining sum is susceptible to capital gains tax. However, the tax liability can be reduced to as little as 10% using entrepreneurs relief, making this option tax efficient.
We work with you to improve the number one problem for many businesses cash flow. There are several ways to achieve this, refinancing debt and invoice financing are both viable options; we also work with a clutch of handpicked investors.
This solution allows a company to be struck off or dissolved and involves completing a simple online form along with a small payment to companies house; a due process is then followed, provided no third party raises an objection the company ceases to exist.
Often used for sole traders, this formal arrangement keeps debts at a reasonable level and binds your creditors. IVA’s can take away the guesswork by giving you a defined payment amount and schedule, leaving you to get on with running your business.
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