3. Stages of debt adviceCreate trustList creditors and minimise debtsList creditorsMinimise debts by ceasing to tradeBusiness assetsLease agreementsDebts owed to the businessAssets owned by the businessIf a client is trading as a partner in a business partnershipMinimise other debtsList business income and expenditureBusiness incomeBusiness expenditureMaximise incomeDraw up a financial statement for a self-employed clientSole traders and partners in a business partnershipDirectors of a limited companyDeal with priority debtsServicesNon-domestic rates (business rates)Tax, national insurance and VAT debtsIncome tax arrearsNational insurance contributionsValue added taxRent arrearsLandlord hypothecThe premises leaseOther leasesVAT debtsIncome tax debtsChoose a strategy for non-priority debtsBankruptcy and protected trust deedsBusiness debt solutions in ScotlandBusiness Debt Arrangement SchemeThis section highlights factors to consider in the debt advice process, as outlined in Chapter 3, when advising a client who is either running or has previously run their own business as a sole trader, a partner in a business partnership or as a director of a limited company.