Options
“I am a sole trader in trouble, what are my options?”
It is important to seek advice at the earliest opportunity. Being a sole trader (as opposed to a limited company) exposes you to significant financial risk.
Plan A
Try and agree a payment plan with all your creditors. 100% of the debt from 6 months to 2 years
Plan B
If plan A does not work and an informal arrangement can’t be achieved, we can try and negotiate a formal deal with creditors that allows a longer pay back period or even writes off some of the debt
Plan C
Bankruptcy is the only option if you’re unable to pay any substantial part of the debt, even over a few years. This is not as drastic a step as it was in the past but is usually considered as a last resort.
