Relief4Debt
As a director, shareholder, or member of an owner managed business it is likely that you have supported your business borrowing, such as bank loans, asset finance or lease commitments by way of a personal guarantee, an indemnity or by acting as a guarantor or surety, which may be secured against personal assets.
Whilst the business is able to meet its rent and ongoing loan repayments, either directly or by repaying you, enabling you to repay personal "business loans", this is not an issue. Should the business, however, find itself in financial difficulty this may well impact directly upon your personal financial position. If you are a sole trader or partner, then without the protection of limited liability, you are also personally liable for the debts of the business.
Relief4Debt is a dedicated provider of information and advice for directors, shareholders, members, sole traders and partners with business related personal debt problems. Our expertise is in preparing and negotiating Individual Voluntary Arrangements (IVAs), which can provide a solution to your debt problems whilst, possibly, enabling you to continue to support the ongoing trading of the business. IVAs are not, however, suitable for everyone and included on this website are links to useful guidance notes on the alternative options such as bankruptcy or an informal arrangement also known as a debt management plan/agreement.
Relief4Debt is a division of Mercer & Hole Chartered Accountants whose Licensed Insolvency Practitioner Partners are regulated by the Institute of Chartered Accountants in England & Wales. Authorised and regulated by the Financial Services Authority.
