Insolvency and Personal Assets and Liabilities of a sole trader

Unlike a director of a Limited company, in an insolvent situation a sole trader is personally liable for any debts (liabilities) owed by both himself personally and by his sole trading business. As a sole trader is personally liable for business debts, those  business creditors can attack his personal assets as well as his business assets when trying to obtain repayment of their debt.

In the same way, business assets of a sole trader can be pursued by personal creditors.

Due to this, when in financial difficulty a sole trader usually not only worries about the implications on his business, but also about losing his home and personal property.

This section of the site explains about the options available to protect personal assets against liabilities when insolvency looms . Please click on the left hand index for further information.

Would you like us to give you a call?

Fill in the form and we'll give you a call as soon as we can to discuss your needs in a free initial consultation with a Licensed Insolvency Practitioner. Alternatively give us a call on 01326 340579 if there is an urgency to your needs.

The information provided will be used solely to contact you and any information you provide will be held in accordance with our firm's privacy policy, and not used for marketing purposes.