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We often get calls here ate the Help with Debt free helpline form distraught company directors who confess that they will be unable to pay their staff wages, either before or after Christmas. Obviously they want to do all they can not to ruin Christmas for staff but they do not know what to do.

Christmas is a very busy time for those engaged on the insolvency industry. The festive period is tough for a small business as it combines the payment of wages early coupled with up to a two week lay off for staff during which no revenue is being earned. If the business has been strong through the year, it can weather this buffer, if not it can be the death knell.

We are able to look dispassionately at matters and offer solutions which may be able to save something of the business whilst leaving the debt ridden company in liquidation. For as little as £5,000, we can convene a meeting of creditors who will declare the old company insolvent and resolve to wind it up. We can then assist you in creating a new company which will be able to buy the assets and goodwill of the old business for fair value. You can restructure the new business by cutting costs and staff if necessary.

You can enter the New Year with renewed enthusiasm, and the ability to pay wages and move forward. Sometimes it is important to realise that a business has run its natural course. We have seen too many businesses stay afloat with personal money introduced by directors, which will not save the business and never be repaid. That cash is better providing working capital for a new debt free business.

1. If you cannot pay your company wages at this time of year, consider the Administration or Liquidation option and do so before it is too late.

Contact Steve Thatcher of Help With Debt (UK) Limited a total debt solutions company.
For all further reading see http://www.helpwithdebtuk.com
For personal contact email sthatcher@helpwithdebtuk.com

If you have any debt problem whatsover either personal or corporate make Steve your first call all advice is free. Finally if in the UK and you need a friend to speak to call 01162171406

Visit http://www.helpwithdebtuk.com

Article Source:http://www.articlesbase.com/small-business-articles/i-cant-pay-my-firms-wages-after-christmas-1511814.html

We get many people who call us and say that they cannot trade on after Christmas. It is a sad fact that Christmas sees the demise of many businesses. It is a tough time to close a business as it has the propensity to ruin the festive period for people, but as a director you have a legal obligation to make sure that you close an insolvent business as soon as you know that it cannot be turned around. To do anything less would be to open yourself up to the danger of a wrongful trading action.

If you cannot trade after the closure for the Christmas break, you actually need to take steps about three to four weeks before Christmas, to close the old company. This has a two fold effect. If you take steps to liquidate your company early, you will have time to create a new limited company, and put steps in place to put any new works into this venture.

It takes about three weeks to get together all the information needed to prepare a statement of affairs for a meeting of creditors and give statutory notice to creditors of the meeting. A qualified insolvency practitioner is the only person qualified to do that. To help the IP you need to get together a statement of all your creditors and also your debtors and other assets. These are put into a financial statement which proves that you cannot pay your debts as and when they arise, or that that your liabilities are greater than your assets. Faced with this the creditors have no choice but to vote to wind up the company.

It is often the case that you will be able to negotiate a deal with the liquidator of the old business to buy back the assets, such as they may exist, and any customer lists and work in progress.

If the business is one which needs protection to continue to trade, then this can be achieved via an Administration Order, which places legal protection over the business whilst a plan is put in place to get a better realisation for creditors, save the business as a going concern or put in place a CVA.

So if you find that you will not be bale to trade after Christmas, you need to be taking active steps now to get a professional on board to help you.

Contact Steve Thatcher of Help With Debt (UK) Limited a total debt solutions company.
For all further reading see http://www.helpwithdebtuk.com
For personal contact email sthatcher@helpwithdebtuk.com

If you have any debt problem whatsover either personal or corporate make Steve your first call all advice is free. Finally if in the UK and you need a friend to speak to call 01162171406

Visit http://www.helpwithdebtuk.com

Article Source:http://www.articlesbase.com/small-business-articles/i-cannot-trade-my-business-after-christmas-1512455.html