Herausforderungen » Where your company is unable to p

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Management Processes to Cope with Company Debt

Start by focusing on credit control and cash collection. If you ensure the company is being paid on time Wholesale Budda Baker Jersey , the business will be far less dependent on lines of credit such as the bank overdraft and will have the funds available to pay suppliers.

It is far better to spend management time ensuring invoices are correctly issued and debts collected rather than managing creditors who are constantly demanding payment.

It may be possible to defer tax payments using the Government time to pay scheme. This will give a short term respite from tax debts and is useful to tide the company over a period where cash is tight. This is not however a solution to a deeper business debt problem as the tax will eventually have to be paid. If you believe you have a more serious company debt problem, you need a robust business turnaround solution.

Debt Rescheduling

Where your company is unable to pay its debts, there is the risk of formal creditor action being taken against it. This may result in a winding up petition being issued particularly if tax is owed to HM Revenue and Customs.

In these circumstances, you could consider a Company Voluntary Arrangement (CVA). A CVA is an agreement with all of the company's creditors to pay a reduced amount towards its debts over a fixed period - normally five years. The advantage of a Company Voluntary Arrangement is that often more than 50% of the company's debt is written off and Jerseys Free Shipping[/url]