Sole Trader

A Sole Trader is someone who runs their own company, everything is done in their own name and therefore all of the finances and any debt also comes under that name, this gives gives the individual running the company what is known as unlimited liabiltiy. This makes the individually personally liable for any and all of the debt that the company accumulate, meaning they are also eligible for the personal debt solution methods.

A Sole Trader can enter into an IVA in the exact same way that any other individual can, because from a legal point of view, business debts accumulated by a sole trader are still maintained as personal debt. However avoiding bankruptcy can be more vital to a sole trader than ordinary individuals as their business would also be classed as an asset, meaning they stand to lose it if the enter bankruptcy.

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