ABSTRACT
Suppose you feel the business could be good enough, but you have just got too many debts. What is your next option?
You may be able to agree with your creditors that they will accept payment in full over an extended period (‘Give me time, Julian, give me time’). In exceptional circumstances, creditors may even accept only part payment of their old debts (but see below for formal insolvency schemes to deal with this). If you have a few creditors, particularly those with whom you are going to continue to do business, who want to earn money out of supplying you in the future, they may well accept this sort of compromise on the basis that if you go bust they will get substantially less.
