How To Close Your Business?

Don’t panic…but that’s not to say do nothing either.

Chances are that if you’re reading this article you have identified something about your business that isn’t working right now.

By simply starting to research insolvency and restructuring you’ve taken a major step towards turning your business around. The key thing now is not to wait too long to act as acting quickly can significantly increase the number of options available to you as your business will be under less severe pressure from ...

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How Do You Liquidate Your Company If You Are Insolvent?

Like a great many people in today’s economy, you may find yourself in a position where your Limited Company is no longer viable. This may be due to the effects of non-payment from your customers, excessive redundancy costs meaning you can’t afford to downsize or simply because your market itself has changed.

In any event, the most important thing is to recognise the situation as soon as possible and take decisive action as the sooner you act, the more options you ...

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MCA Default: Should I get into a Payment Plan post-default?

MCA Default

Should I get into a Payment Plan post-default?

With the dramatic surge in calls received related to troubled Merchant Cash Advance loans, it’s time to set the record straight on an issue that we frequently run into. We have written about this many times recently. Be sure to also read this article on the topic. 

Upon defaulting on your daily payments owed to MCA creditors, you will most certainly encounter the aggressive, ...

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How to Protect yourself during a Merchant Cash Advance Loan Default

Recently Second Wind Consultants has seen a large influx of business owners overburdened with merchant cash advance loans and other forms of high interest short term financing. Instead of one large monthly payment, these multiple, often daily, payments are strangling cash flow of an otherwise “stable” business. We have wrote other articles on the topic that have received much praise, hopefully this one helps you out too.

The most common profile is a small business that has obtained one ...

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How to Successfully Negotiate with the US Treasury Department

Federally backed loans in serious delinquency, past the point of collection by the primary lender, often end up at the US Treasury Department. This can include student loans, Federally backed agricultural loans, and as we often see, SBA backed loans.

If you are reading this article, chances are you once took on an SBA backed loan for your business and things have not worked out as planned. The business is closed and you were unsuccessful in settling your debt. Now you ...

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My Business Partner Filed Bankruptcy – What happens to our joint debts?

When creating a business with a partner, few entrepreneurs truly understand how that act intertwines the financial positions of the partners, especially when debt is involved. No one ever thinks about this when business is going well or at the formation of the partnership, but what happens if your business is performing poorly or your business partner files bankruptcy? Where does this leave you?

Many owners create their company, establish partnerships, go to a bank for a loan, and ...

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What Can You Do to Improve Your Credit Score?

Easy steps to rebuild your credit fast

Many of our clients come to us with very poor credit scores. This is a symptom of the small business owner leveraging everything they can in order to keep the operation running, including their personal credit.

While it is important to note that in the vast majority of SBA workouts, personal credit is not impacted, our clients are typically dealing with a variety of personally guaranteed debts all at once, ...

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Defaulting on a Merchant Cash Advance Loan?

In the years leading up to the 2008 financial crisis, small business owners had a consistent source of short term capital, their home equity. Rapidly rising house prices allowed them to borrow against their homes and put the money into their company to buy more inventory, fulfill a purchase order, hire more employees etc.

Then things changed. The 2008 financial crisis crippled home equity nationwide and tightened lending standards. Business owners in desperate need of short term capital were flocking to ...

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How do I Settle my Debt with the US Treasury Department?

In the world of SBA collection, there exists a name that inspires fear in debtors far and wide.  If a lender is having trouble collecting, they tell a debtor they will send the matter off for collection in the “Treasury,” using the name like some taboo character parents use to scare children in behaving properly.

SBA backed debts are guaranteed by the federal government in the event of default and, like all federally supported obligations, defaulted files that do not reach a ...

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