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HOW TO. . . RECOVER DEBT AND
PROTECT YOUR BUSINESS
THE NEXT STEPS IF YOU CAN’T PAY YOUR DEBTS
by Nicola Clark
The government has introduced new protectections to companies who cannot currently meet their liabilities to carry on trading.
However, these measures are only temporary and only designed to be used by companies which believe they will be able to settle their debts
Government protections
‘light touch’ formal insolvency process including a moratorium to protect directors and entrepreneurs, who will remain in control of a company
Once a moratorium is in place, enforcement action by all creditors, including landlords and secured creditors, is extremely limited and backed
Funding redundancies
If an employer cannot afford to pay their employees’ redundancy pay,
We save your precious time, so you can focus on the next steps
Do you need support & help to restructure your business?
Let our restructuring team advise, support and help you deliver your recovery plan.
• Support with your overall business plans • Discuss the restructuring options available • Consider accelerated sale options • Discuss re-finance options • Wealth extraction for shareholders • Understand what are your duties as directors
nicola.clark@
azets.co.uk
Azets delivers international accounting, tax, audit, advisory and business services both digitally and at your door.
azets.co.uk Follow us The next steps
If you cannot currently pay your debts, it is important that you make an
they keep your legacy liabilities on hold, you will also be accruing further
When these measures end, your creditors will be able to pursue the full
Administrators or Liquidators of a company to take action to recover funds from directors where they can determine that they continued in business
In those circumstances, the claim against the director personally is the
ended with the implication that, by now, if directors continue to trade, they
If you cannot pay
In the event that you will not be able to pay your debts, it is best to act soon while protections are still in place and while your business may still expert early will give you the best opportunity to assess your options and
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