business debt help
How We Help
We understand how stressful and confusing it can be to find your business in financial difficulty.
From problems with HMRC, dealing with your cashflow, to negotiating with your trade creditors, Libra can help.
We work with businesses of all sizes, from sole traders, SMEs to partnerships. You can be sure that we have the experience and the solutions to help you today.
what we help with..
Struggling to pay PAYE, VAT or corporation tax can be the first sign of wider issues within your business. If you are in this situation you must seek guidance as soon as possible, as HMRC will take action against you immediately. Our free consultation will review your current business health, help you identify problem areas, and outline the next steps you need to take.
Alternatively, if you have already received a demand for payment from HMRC, contact us now for support.
Dealing with your creditors can be an exhausting and emotional process. At Libra, we can help take this stress away, working with you and your creditors to make workable, realistic arrangements. Our free health check will help prioritise your debts and allow you move your business forward again.
Often referred to as business rates, non-domestic rates are a tax on a business’ trading premises. We often find that a business stops paying this first, along with HMRC, in order to continue payments to staff or trade suppliers. Falling behind with non-domestic rates is a severe problem for a business as, in most cases, it is very difficult to recover from the position of arrears.
If this sounds like you Contact us today.
Managing cash is critical to running any business. Do you have the correct financial information to allow you to manage your cash? How can you assess what cash you have available? How can your business deal with unexpected expenditure payments or delays in customer receipts?
Contact us now for a free financial health check and to see if your business could benefit from refinancing options.
Along with non-domestic rates, property rental payments can easily fall into arrears. These can be very difficult to repay in full. This is one of the major financial commitments your business will pay on a monthly or quarterly basis, and it is imperative to review your obligations on a regular basis.
Contact us today to discuss your options.
Instigated by your creditors, a Winding up Petition is an application via court to liquidate your limited company. In order to qualify to petition to court a creditor requires a minimum debt level of £750. This process through court is reviewed by banking institutions and can often lead to the freezing of the company bank account. This may feel like the end of the line for your company, but there are still options.
Contact us now to learn how we can help.
how we help..
An Administrator is appointed to a company to protect trading, assets and action being taken by creditors. In this situation the control of the company is passed to an Administrator who must be a licenced insolvency practitioner.
An administration is seen as a rescue procedure and initially the Administrator should review the likelihood of being able to sell the company as a going concern. If this fails, then an orderly wind down of business is pursued by selling the assets of the company.
Contact us for help today.
A CVA is a legally binding agreement with your company’s creditors to allow a proportion of your debts to be paid back over a specified period. Creditor approval is required before a CVA can go ahead (75% in value of creditors who vote need to support the proposal).
This procedure allows the current management to continue trading the company in its current form and move forward, focussing on the future.
Our experts will review your company finances and asses whether a CVA is appropriate. If so, we will liaise with management to prepare an achievable proposal to creditors.
Contact us now to start the process.
Having the correct finance in place for your business is vital to aid cashflow. At Libra we can advise which types of funding will best suit and assist your business.
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If a company goes into liquidation, its assets are sold to facilitate a dividend to creditors. These are two types of insolvent liquidation:
1. Creditors Voluntary Liquidation
2. Compulsory Liquidation
Liquidation can be a complex process, but our experts have vast experience in assisting businesses in this process and can advise you on the best way forward.
Contact us now to see how we can help you.
A pre-pack administration follows the same process as above with one distinct difference. The purchase of the assets of the business are agreed in advance of the company entering administration to preserve their value. The sale of the assets takes place immediately upon the appointment of the Administrator.
Contact us now for more information.
A time to pay arrangement is an agreement between an individual or company to repay sums due to HMRC by way of a monthly affordable payment.
Our experts have significant experience negotiating with HMRC in this respect and can help you today.
We have close contacts with many lenders, however one specific product that has assisted clients is focused on VAT funding. VAT returns represent a significant outlay and can impact your cashflow. You may be eligible for a flexible finance solution from a specialist provider which spreads the costs of your VAT payments.
Find out how we can help you.
Are you a sole trader or director of an SME with personal liability? Or perhaps you have experienced an income drop due to Covid-19 restrictions, and need help managing debts.
If so, a DAS with Libra will allow you to pay your creditors in full over a time span that suits your income. Assets are not considered, and, as creditors are paid in full, you will not appear on the register of insolvencies.
Visit our DAS page to find out more or contact us to start the process today.