You were strong enough to start your business, it took a lot of courage. You still have that courage. Use it, with your newly gained knowledge, to leverage yourself into a better position.
Perseverance and a positive attitude are a plus, but it is important not to be unrealistic about whether the perseverance is really going to help or whether it is postponing the inevitable. A good entrepeneur knows when it is time to quit. And with quitting we mean that you declare yourself insolvent to get rid of unpayable debt and money problems.
The stress implodes you, takes away your creative energy, causes lethargy, irritability, insomnia, weight gain/loss, not to speak of the damage to your body as a result of stress. The sooner you get yourself out of this situation, the sooner you can free up your energy to place your focus where it belongs: making money.
Is it time to quit? If you do not pay your debt, you stand to loose your assets and you still have to pay your creditors.
If it were not for the burden of too much debt, would you have been able to continue? If the answer is yes, then it will be wise to use insolvency as an exit strategy out of a bad situation, so that you can get into a good situation again. Insolvency is merely leverage to help you grow. You will run your business better if you can start over again, wouldn’t you? You will make better decisions, you will install better systems, you will know what the dangers are and next time avoid them. Insolvency is the mechanism to get you into a better position so that you can apply your new knowledge.
If you sequestrate - you use your assets to get rid of your creditors, you can do better business and your focus will be where it belongs.
Being a business owner always involves the risk of the time when you must ask yourself: am I really making it or is it time to quit? As an entrepeneur you must always be prepared for the unexpected and more so, be prepared to do what it takes. If your business has too much debt and not enough money to go around, that is the time to ask yourself whether it is time to quit or not.
It is good to have plans to rescue the situation, but the trick is to be clinical about the situation. Think about it like this: if you have not managed to pay your debt up to now, what will change in the immediate future to enable you to pay your debt? The longer you put your energy towards making plans to pay your debt (which, remember, you can't"), the longer it will take you to start anew.
If you want to get rid of the debt - then insolvency is the vehicle to use.
How do I pay the costs?
1) As soon as you decide to sequestrate, you stop paying your debt.
2) Then you use the money that you would have paid to your creditors to pay the
sequestration costs
3) From the next month your money is your own
4) Sequestration suspends all legal action as well as all contracts, therefore unfortunately if
you have vehicles under hire purchase, the vehicles will have to be returned to the
bank. Talk to us about this problem, there is a solution.
Insolvency is an exit strategy from an over-burdened situation which weighs you down. If you are fearful about making the decision whether to close the business down or not, remember this: insolvency is a way out and it is exactly what you may need to keep you going. A paradox yes, but that is the irony of insolvency.
Minimizing money problems will re-install your confidence, make your head clear and re-inforce confidence. Too much debt drains your creative energy and productivity.
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