Business debt solutions in Scotland
Depending on the type of business that the client has/had, there may be different solutions open to them.
•If the client is a sole trader, you could look at the usual debt solutions, the Debt Arrangement Scheme (DAS) or insolvency and treat the debt as totally personal.
•If the client is a member of a partnership, you may need to look at personal debt solutions and deal with the partnership separately.
•If the client is a limited company, you may need to consider solutions for the client as an individual if there are personal guarantees in place, and other solutions for the company such as winding the company up, administration or liquidation.
•Different solutions may need to be looked at where the business continues to trade and advisers should seek advice on this.
•Advice could be sought from an insolvency practitioner or accountant.