Sole Trader Liquidation

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Sole Trader Liquidation

Thinking of a Sole Trader Liquidation? What Are The Options?

 

If you are considering sole trader liquidation then you may want to know all the other options available to you.

A sole trader liquidation is often referred to as the winding up or dissolution of a sole proprietorship, although such terms are rarely used outside of the corporate context. It is the sad end of a business.

For a small business, liquidation is as simple and as easy as closing the business, selling the stocks or the assets, paying any outstanding debts and simply ceasing to trade. The business owner is then left with whatever cash is left after all the necessary bills are paid. However, closing or winding up a company (as oppose to a sole proprietorship) is a more complex process and is one that can take months to finish. A business’s liquidation sale can last for several months.

Liquidation is one of the choices that a business experiencing financial troubles may take. But there are other options for the sole trader. Liquidation is not the only route to take when the ever-popular IVA (Individual Voluntary Arrangement) is available, brought in by the Insolvency Act of 1986 to deal with personal insolvency without resorting to the stresses and stigma of bankruptcy.

It could be that an expert looking at your situation will be able to spot a solution which you had not thought of, or which you were not even aware of. There may be a combination of things that can be done to rescue the business completely by differentiating between assets owned by the business and assets owned by the business owner as an individual, and then providing separate solutions for each.

If you would like to talk about sole trader liquidation to a specialist with 17 years corporate insolvency experience then enter your details into the web form below for a no-obligation chat.

However, if you need help with personal debt (rather than business related debt) go to our free debt management plan application form.

 

 

 

 

 

 

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