In our experience, most bailiffs and HCEO’s want an acceptable agreement to be found. They are likely to want to take a CGA and agree a repayment plan as uplifting assets is generally not best for either party.
Unfortunately however, bailiff repayment plans are normally based around getting the highest amount of money from you as quickly as possible. This leaves no consideration for your other commitments. For this reason, bailiff action can sometimes be quickly followed by deeper cash problems within the business.
If this is something you are concerned about, our advice is deal with the immediate bailiff problem, and then immediately confront the wider cash issues. If you have other debts or tax arrears as well, it is worth getting overall financial advice.
You’ll find some useful information on these pages:
Or if you’d prefer more tailored advice, feel free to contact one of our business rescue experts directly.
