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Borrowing money from a bank or private lender to grow your business comes with risks on both sides. To protect their interests, lenders ask for security over assets owned by the company, or your personal property. They become known as a secured creditor.
If your company owes money to a secured creditor, usually a bank, and is unable to pay its debts, they can appoint a receiver to manage the sale of the assets to repay the debt owed to them.
What if I owe money to a number of people and I can’t repay them?
If your company owes money to a number of creditors eg. suppliers, landlord and contractors, you may be facing a liquidation or a company compromise. We can also help with this.