Severe cash flow problems and/or historical debts may lead to financial crisis for a limited company. However, the business will often remain viable if these problems can be resolved.

If appropriate advice is taken at an early stage, a limited company and/or its activities may be maintained using a business rescue package designed to save the company rather than close it.

The main business rescue solutions are as follows:

• Company Voluntary Arrangement (CVA)
• Pre-Pack Administration (Phoenixing)
• Company Administration

If your company is struggling financially you need to act now to decide what action to take. Delayed action could cost you your business. The different solutions available are explained in detail in this area of Beat My Debt.

The best way to understand which solution is right for your company is to speak to an expert.

The Beat My Debt forum is great place to start, giving online access to industry experts.

Alternatively you can call Debt My Debt free on 0800 077 6180 and speak directly to one of our expert advisors who will give free, independent and confidential advice.