Author Topic: business debts  (Read 1472 times)

moony

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  • Posts: 1
business debts
« on: Nov 22, 2012, 09:02:55 PM »
can anyone point me in the right direction for advice to what i am going to do


I started a company up about 2-3 years ago


i had a builder go bankrupt on me owing 7000 and a couple of other non payers which has messed up my finances completely


currently have around 7000 owed out to suppliers - i come to a private agreement of 500 per week which i coouldnt keep to - 2 of the creditors are fine but the main one which i owe over 4000 to has just sent me a letter wanting payment in 7 days or they will be taking court action.


Now my credit rating isnt good due to the fact ive started a new business and its not yet making a sizable profit I have no house or significat belongings and i employ one person - what can they do ? will it make me bankrupt? or wll it be a ccj? i dont understand it when your a business - i know im personally liable as i am a sole trader and not limited! so what happens with this letter as they wont accept anything less than 250 a week.


thankyou