Yesterday I reduced a client to tears

Thankfully they were tears of relief

Breaking the stigma of being in business debt

In 2021 the UK is going to see a large number of UK companies seek insolvency, the figures have been kept unusually low due to all the government support that’s been available. This support is going to end soon, furlough stops in a few months, winding up petitions will recommence and this is going to leave thousands of business owners with no choice but to close the doors of their company.

Every day I speak to men and women of all ages who through no real fault of their own have ended up with business debt that they cannot handle.

VAT bills, unpaid corporation tax, a bounce-back loan they can’t repay, loans from the likes of finding circle and capital on tap as well as many others.

To lots of these people the word ‘liquidation’ sends them into a frenzy – what will my friends and family think. “This means I’m a failure, I won’t be able to hold my head up in public again.”

The vast majority of people I speak to are in this position through no fault of their own, Covid-19 has absolutely decimated their industry and over a year on there is still little hope of their business recovering.

I know there are lots of people who watch these videos who are too ashamed or embarrassed to get in touch for fear of being judged or being classed as a fraud.

Too many people bottle this stuff up and that’s the worst thing you can do, trust me, I know.

I’ve been where you are right now, I’ve had the sleepless nights, I’ve been worried about what everyone will think. The best thing you can do is talk to someone.

Here is the reality –

Lots of business owners will close their company this year, thousands upon thousands of people just like you.

There should be no stigma whatsoever attached to a business that has closed down because of a global pandemic or the introduction of something like IR35.

If you’re struggling with business debt, reach out and speak to someone who can help.

All the best,
1st Business Rescue

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