I need some advice relating bankruptcy and iva's. My husband and I have to retail stores and have recently been advised by our accountant to make each store separate limited companies which we have done. Turnover has gone down in both shops, dramatically. We have two EFG loans, one on each business, with a total amount outstanding of £29,000 and only one year left to pay one of the loans. The loans are currently crippling the businesses and ca no longer afford to pay them. We are therefore also struggling to meet invoices from suppliers meaning we can not fully restock. We have a mortgage, with no equity in the property and several credit cards which we are now struggling to repay. What would be the best solution, a bankruptcy or iva? What are the negative implications on either one of these options?
Any advice would be greatly appreciated!