We understand the stress of finding your business in financial difficulty. Whether you are a sole trader or an SME, Libra Business Debt Help has the solution to allow you to move forward.

We measure the success of our business debt advice in Scotland not by the ability of clients to enter a solution, but by their ability to maintain it and ultimately exit the solution – debt free.

company restructuring

We were appointed to a historically successful building company that had encountered cash flow difficulties. The company had taken on complex projects that had ultimately been loss making. HMRC petitioned for the winding up of the company, and Libra were approached for advice.

Our assessment of the financial position concluded the company was unable to meet these liabilities. The directors took the decision to place the company into administration which allowed the existing profitable contracts to be saved and for trading to continue for a short period in order to conclude these projects. The company was not ultimately rescuable as a going concern but the assets of the business, including the order book, were ultimately purchased by a new company setup by the director, saving the jobs of all 15 staff.

company restructuring
  • building company
  • arrears & cash flow problems
  • turnover £500,000
we can help

sole trader

We were appointed to a hairdresser with a successful client base; however, poor cash management had led to arrears mounting with HMRC. Libra undertook a free financial health check and considered the options available.

Unfortunately, it was determined that sequestration (bankruptcy) of the individual was the only possible solution. However, with the assistance of a family member, the trader was able to setup in business again, purchasing the assets of the business at a fair market value from the Trustee and re-registering with HMRC.

sole trader
  • hairdresser
  • HMRC arrears
  • continuity of trade
we can help

partnership

We were appointed to a husband and wife partnership, trading a 10-bedroom Highland hotel. The hotel had been for sale for 12 months and, due to difficult trading circumstances, turnover had been continually decreasing for several years.

Libra were appointed in the bankruptcy of the partnership and successfully traded the business while a buyer was found. This course of action relieved the stress on the partners of the business and within 3 months we were able to find a buyer for the business, which ultimately meant there were no residual claims that fell personally on to the partners.

partnership
  • husband and wife partnership
  • bankruptcy
  • business sale
we can help

limited company

We were approached by the director of a limited company who rented and traded a public house. Unfortunately, cash-flow issues were causing severe financial difficulties which led to the company neglecting payments to HMRC for Corporation tax and PAYE/NICs.

The sum owed was substantial and HMRC had commenced proceedings to raise a winding up petition against the company.

With the company holding no tangible assets it was agreed that the company would enter liquidation. With the assistance of Libra the director was able to re-negotiate the lease with the landlord and agree more favourable trade creditor terms to allow a new company to trade from the premises.

limited company
  • director of limited company
  • cashflow advice
  • winding up order
we can help