Failing to keep on top of your business' debt can eventually lead to your bankruptcy and the business having to close.
As individual circumstances will vary, it’s best to use this article on bankruptcy as general information only. Seek expert advice from one of the organisations mentioned in the Additional Support section, such as Business Debtline. They can refer you to an insolvency practitioner, if necessary.
Also note that there are differences in the way bankruptcy is treated in England and Wales, compared to Scotland.
You can learn more about the devolved elements of corporate insolvency in Scotland on the Accountancy in BankruptcyLink opens in a new window website. Business DebtlineLink opens in a new window also has a Scottish edition.
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Reference to any organisation, business and event on this page does not constitute an endorsement or recommendation from the British Business Bank or the UK Government. Whilst we make reasonable efforts to keep the information on this page up to date, we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. The information is intended for general information purposes only and does not take into account your personal situation, nor does it constitute legal, financial, tax or other professional advice. You should always consider whether the information is applicable to your particular circumstances and, where appropriate, seek professional or specialist advice or support.