Seek for a Financial Advice

1
Seek an Advice on Debt

• It is always very stressful to handle financial
  problems as a business. If your debt problems are
  too much and you cant improve your financial
  situation yourself, there is often help and
  advice available to help you. You may borrow
  money to deal with your financial problems in
  short term but always consider the risks fully as
  it can be dangerous in the long term, you could
  end up paying more.

2
Avoid illegal Loans

• Avoid illegal loans which are not licensed and
  often charge high interest rate. To check that
  the lender is licensed, you can search the
  Consumer Credit Register with the OFT. Always
  check the credentials of an organization before
  you contact with them. You should also check that
  an organization is accredited by the Financial
  Services Authority and establish what kind of
  advice through internet or telephone research.
  Search around for the best deal and try to seek
  free advice first.

3
Professional Advisers

• Professional advisers provide good financial and
  debt management advice. If you already use an
  accountant, they may be able to help. And if you
  do not work with one, then find an accountant who
  specializes in your industry or financial
  problems.

4
Financial Services of your Bank

• Your bank will also offer you financial help and
  advice as a part of their bank services. But
  always remember that your bank has its own
  position. Your account manager may be able to
  help you look at how you should manage your
  finance. They may also work out a payment plan to
  extend your overdraft or renegotiate your account
  terms. If you are not satisfied with the services
  of your bank then it may be time to switch.

5
Debt Counselors

• Although most debt counselor work with
  individuals to solve their debt problems but some
  specialise in business debt management. There are
  a number of charities who offer free debt
  counselling. Some commercial organizations offer
  Debt Counselling and debt management for a fee.
  However, as with many financial services, it is
  best to consider all the options once before
  making final decision.

6
Where to Find Advice on Insolvency

• If the value of your assets are less than your
  debts and your business can no longer pay your
  business debts, then your business is insolvent
  which can lead to
• Bankruptcy
• Receivership Your Creditors will petition the
  court for receivership.
• Administration If you are unable to pay your
  debts then your creditor may appoint an
  administrator to manage your finances.
• A winding up order This will cause your
  business to cease to exist.
• An individual voluntary arrangement between you
  and your creditors.
• A Debt relief order
• A fast track voluntary arrangement