Up to this point we have concentrated on helping you to keep afloat. The next section of this book assumes you are floundering. Personal insolvency is a real possibility.

Well, insolvency means being unable to pay your debts and personal means it affects you as an individual. The equivalent for a limited company is, of course, corporate insolvency. Personal insolvency applies not only to the individual with credit card debts, but also to: ❍ a sole trader running a business; and ❍ a partnership in business.