These are without doubt, unprecedented times. Small businesses in virtually every sector are struggling financially and facing concerns about what is ahead and how they will survive.
Since May over a million bounce back loans have been issued, the 100-per-cent Government-backed loan scheme to support small businesses during the pandemic. But according to banks, its expected that half of these loans wont be paid back, with many small business kicking bad debt further down the road.
If your company is insolvent meaning its unable to pay its debts or youre worried that this is likely to be the case in the near future, then its important to consider your options.
>See also: Where to find your 5,000 small business technology grant
As a d…
Read the full article at: https://smallbusiness.co.uk/how-going-insolvent-could-be-the-best-way-to-save-your-business-2550860/
