I have a small business in sheffield, but unfortunately due to unforseen circumstances, I can't afford to keep it running.
I've had two lots of advice,
1. Go bankrupt
2. Try to sell the lease for the amount I owe to the bank.
Can anyone give me some sound advice on this, as I don't want to lose my house and get a bad credit history, yet the latter advice will make me a poor man, if I can't sell for that amount.
PLEASE HELP ME!!

If you go bankrupt you'll have a limited period in which you're seriously restricted in what you can do.

Have you tried getting an arrangement with your creditors?

That way you pay back what you owe them over a period of time.

Is it a Limited Company or are you a sole trader?

You may be well advised to go to the Citizen's Advice Bureau.....

Joe

Originally posted by JoePritchard
You may be well advised to go to the Citizen's Advice Bureau.....

Joe

That was the piece of advise I was going to offer, they are great down at the CAB!

Im sure they'll be able to help you and salvage the best out of a nasty situation :thumbsup:

Thanx.
I had a meeting today with SENTA, which is a part of Business Link. They were the ones who said not to go bankrupt. Instaed of helping me though, I feel more confused, since the the bankruptcy advice came from a friend who's been there before and has now got another business in his wife's name.

Another friend of mine's mother works for the CAB so I'll get some advice from her, thanx again you two.

Tinman, do you have any equity in your residential property? if so I may be able to help save your business and house by looking at a remortgage for you, if equity is available, I will be able to free up cash and lower your outgoings. Get back to me if you need more information, but as I said, if you think you have equity available in your property, I can help! Refer to the New City Mortgages ad on the main homepage of this site and give me a call directly. And, good luck!