You searched for Business debts

An A-Z list of information on business debt and bankruptcy.

Bankruptcy, insolvency and recovering debt. Including late payments and charging interest, making a court claim for money and recovering debt from elsewhere in the EU.

Before you start to deal with your debts, it is important to know what your business status is. This helps you work out your budget and understand which debt options you have. Gives a brief description of each status.

Work out which are your most important debts – the ones you need to start paying off first. Contains useful information about the priority business and household debts, including guidance on what to do and how much to pay.

You may first become aware of a problem with a tax debt when a debt appears on your Statement of Account, or you receive a letter threatening legal action. Explains what to do next.

If you fall behind with payments on your debts and are unable to make arrangements to repay them, creditors may take court action against you. Court action is often the first step for creditors to take further enforcement action to get their money back. Explains the different types of courts.

A statutory demand is a special type of written request from a creditor (someone who is owed money) for payment of a debt. Includes how to serve a statutory demand and what to do if you receive one.

You can apply to the court to close or ‘wind up’ a company if it can’t pay its debts. This is also known as compulsory liquidation. Explains how to apply.

If your company is being wound up or liquidated you’ll be sent a copy of the winding up order. In some circumstances you can apply to cancel the winding up order. Outlines what to do and what happens next.