Due to massive financial difficulties, companies across the world and are struggling. From small companies all the way to be conglomerates, we notice that there are more business owners appear to be standing against the wall.
Have You Borrowed Money?
People are borrowing money left and right trying to fill in holes and make sure that, they will be able to make payments in order for the business to continue growing. However, in some cases this is not a possibility.
On the contrary, the debt grows so large that, it is nearly impossible for the business to be able to repay it. As a result, one of the most common searches online is how to write off debt for a business. Specifically the UK, more and more people are doing this research.
Two Ways to Save Yourselves from Debt
It is true that, nowadays there are actually two different ways for a company or an individual to be able to write off their debt to another company or basically any form of lender. The first way is an IVA, an individual voluntary agreement which basically allows the person to provide consolidated monthly repayments of a specific period of time with the majority of the debt being written off.
That means that, the lender will have to accept that they will not receive a very large part of the debt but they will definitely be able to get a specific sum back in a very specific amount of time which in many cases is the best of both worlds.
Bankruptcy Is Not an Easy Solution
Another way the company to be able to write all the way up to 85% of their debt off is by declaring bankruptcy. Now, this is a much harsher debt solution and it is certainly not the kind of solution that most companies want to go to.
Basically, declaring bankruptcy the company is proceeding to the sales of assets and will have to face many different side-effects including a potential difficulty of gaining employment again in the future in the field of certain industries.
The Legal Document Can Help You
As you can understand, unless you’re able to completely support your business in any other way, the bankruptcy option needs to be your last solution in this particular case. If you are unable to repay your debt today thing about getting an IVA. The results could be the best for your business.