Sometimes you’ve had a go, worked your guts out, but things haven’t quite worked out. Your business runs into money problems. Debts mount. People aren’t paying. You’re spending so much time dealing with problems you don’t have time to spend growing the business. Its a vicious cycle.
Building a successful business is a learning experience, and mistakes or circumstances can be costly financial lessons.
You have rights and you have options. Be smart, pivot and take control of the situation.
Free information on liquidation and insolvency:
Not many people know that they could also be on the hook if one of their customers goes into liquidation. Liquidators have broad powers to recover payments made by companies under liquidation to their suppliers. The most common way liquidators may seek to recover money from a supplier is by claiming the payment is an “unfair preference payment”. […]
A company is a separate legal entity and has its own properties, duties and rights. The company can own and sell property and other assets, sue and be sued and enter into contracts in its corporate name. This means that the company’s debts are its own, however there are several instances where a director may […]