It is not uncommon for a small business to hit a bump in the road or to get into financial difficulties. It could be the costs of starting up the business, the loss of a major customer, expanding too quickly, problems with an employee or not having the proper accounting system to understand costs.
Whatever the reason, the fact that a small business is having financial difficulties does not mean it has to close down or go bankrupt.
A Proposal to Creditors allows a small business to compromise a portion of its debts and avoid a bankruptcy. By reducing the debts and allowing for a structured plan to make payments to the creditors, a proposal lifts the burdens of financial difficulties and allows a small business to move towards becoming a profitable business.Read More