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    3. I cannot afford to pay my staff – does this mean the end of my business?

    I cannot afford to pay my staff – does this mean the end of my business?

    Debt Advice

    Whilst it can be extremely distressing to realise that you can’t meet your payroll bill it is important to understand that this doesn’t have to mean the end for your business. At The Insolvency Practitioners in Bolton we are accustomed to assisting companies struggling with cash flow issues, and we advise on a range of finance options that would allow you to pay your employees, and take off some of the pressure. Nick Brierley explains some of the options available.

    Invoice factoring and invoice discounting

    These processes involve ‘selling’ your sales ledger to a financing company, who take ownership of your debtors in exchange for a fee. Most high street banks offer this service and there are several independent specialised providers in the market. Invoice discounting is similar to factoring, but enables you to retain control of collecting your debts. This is helpful if you wish to keep the arrangement confidential from customers, for example if you feel it could damage your credibility. At The Insolvency Experts we have relationships with, and experience of almost all providers and can assist in securing the best possible arrangement for your business.

    Asset finance

    Whist your company might be experiencing poor cash flow, it could well have valuable assets such as land and buildings. You could be in a position to leverage their value by releasing cash. You continue to retain full use of the assets, and the cash injection could help with paying your staff, as well as meeting other regular outgoings.

    Company Voluntary Arrangement(CVA)

    Where a company is unable to continue to trade due to its historic liabilities/overheads, a CVA could be a good choice if the underlying business is viable. A CVA can provide the breathing space needed to get the company back on track, as it halts any legal action being taken. This type of arrangement has to be negotiated by a qualified IP, who goes through the company finances to ensure that it’s the most appropriate option, and also that you’re not repaying more than you can afford. Being unable to to pay your employees is extremely distressing, and a warning sign that you need professional guidance. At The Insolvency Experts, our main goal is to rescue your business but sometimes that is not always possible. Our experienced Insolvency Practitioners in Bolton are available now on 0300 303 8284 or via our contact us page for honest and confidential advice.

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    At the Insolvency Experts we think that our service offers excellent value for money. Depending on your circumstances, our services can even end up being effectively free of charge.


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    The Insolvency Experts is the trading name of Cowgill Holloway LLP registered at Regency House, 45-53 Chorley New Road, Bolton BL1 4QR and registered in England and Wales with registered number OC316195 with offices in Bolton and Manchester.

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