Business & Directors
When a business runs into financial difficulty, the personal consequences for directors can be severe. Lightside helps businesses, directors, and sole traders understand their position and find the right path forward.
What best describes your situation?
Whether the business needs to restructure or perhaps close, or you have been left personally exposed as a result, we will help you understand your position — from a business and personal perspective — and find the right way forward.
- Turnaround
- Pre-Pack
- Liquidation
- Strike-off
- Winding-up Petition
- Administration
- Solvent closure
- Funding Circle
- Iwoca
- Travis Perkins
- Federal Capital
- and more
- Overdrawn Directors’ Loan Account
- Expenses Recovery Demand
- Misfeasance
- Director Disqualification
- Fraud
- Sole Traders
- Bounce Back Loans
- Structuring
- Business & Personal — joined up approach
What happens when you contact us
You do not need to have all the answers first. Most people come to us not knowing where to start — that is exactly what the first call is for.
A confidential conversation
We listen. No judgement, no pressure. You tell us what’s happening and we ask what we need to understand the full picture.
We review everything
We look at your situation as a whole — the business position and your personal exposure — not just the debt figure.
We explain your options
Clearly, in plain English. Every option, with our honest view on which is most likely to produce the best outcome for you.
We handle it
Once you instruct us, we deal with your creditors directly. You stop receiving calls and letters.
“I was at a crossroads, facing employment challenges, investor concerns, and debt issues that could have led to liquidation. However, Priti went above and beyond to understand the situation and ultimately advised against liquidation, even though it wasn’t in her best interest. Her dedication and integrity are truly remarkable.”
Common questions from directors and business owners
Both, and that is often where the value lies. When a business runs into difficulty, the company’s position and the director’s personal position are rarely the same thing — and the right course of action for one is not always the right course of action for the other. We look at the full picture: what the company owes, what you may be personally exposed to, and what the options are at both levels. You get advice that covers your situation completely, not just one side of it.
Yes, completely. The first conversation costs nothing and carries no obligation to proceed. We will listen to your situation, ask some questions, and give you an honest view of your options. You then decide what you want to do next.
No. Business failure — or the threat of it — carries a particular weight. Directors often tell us they feel responsible not just for their own situation but for the impact on employees, suppliers, and others connected to the business. Our job is not to assess how things got to where they are. It is to help you find the best way forward from here. Most clients tell us they felt better after the first call simply because someone was listening without judgement.
Do not worry about that at all. The categories on this page are a guide to help you find relevant information, not a rigid entry point. Call or message us and describe your situation in your own words — we will work out together which options are most relevant for you.
As quickly as your situation requires. If creditor pressure is urgent — a statutory demand, a winding-up petition, HMRC enforcement — we can often act within days to make contact and put measures in place that give you breathing space. Less urgent situations can be handled at a pace that suits you.
Yes. Lightside Financial is authorised and regulated by the Financial Conduct Authority (FCA No. 676943). This means we are bound by clear standards of conduct and you have access to the Financial Ombudsman Service if you ever have cause for complaint.
Recognise any of these in a client’s situation?
Accountants, solicitors, and insolvency practitioners refer clients to Lightside when a business debt situation has developed beyond what they can address in their own practice. The referral is usually triggered by one of a handful of recognisable situations — and if any of these are familiar, an initial discussion costs nothing and is completely confidential.
We take over the debt matter entirely. Your client’s relationship with you remains intact and undisturbed. We keep you informed of progress at whatever level of detail is useful, and we work to a conclusion — not just an initial assessment.
Talk to us about your client
Initial referral discussions are completely confidential. You do not need your client’s permission to make a speculative enquiry — anonymised details are fine at this stage.
Where we have helped directors and business owners find a way forward.
kept BKTCY avoided
“When the business failed, the personal guarantees crystallised overnight. We owed £335,000. Our home was worth £1.4 million. We were told we would lose everything.”
We structured a full and final IVA benchmarked against what creditors would recover in bankruptcy. The family home — despite its significant equity — was protected throughout. All £335,000 of personal debt was resolved in a single lump sum payment. Bankruptcy avoided.
avoided both debts settled
“I had two personally guaranteed business debts, one creditor moving to commence bankruptcy proceedings, and conflicting advice that had nearly cost me everything.”
Both guaranteed debts were negotiated and settled — one via Breathing Space protection, one through a negotiated settlement. Formal liquidation was avoided, saving £40,000+ in costs and director investigation. Ms. PA retained her home and her ability to trade.
“I had done everything right. Paid off my mortgage. Handed the business to my son. And yet here I was, facing bankruptcy for debts I had never incurred.”
Nearly twelve months of sustained negotiation with the Trustee in Bankruptcy. The Trustee opened wanting 100% — threatening a forced sale of the family home. We argued the beneficial interest position comprehensively. They conceded to 16%. Settlement: £94,000. The family home, with equity of c.£600,000, was protected and not sold.
“I was an FCA-registered sole trader caring for seriously ill family members when HMRC pursued a VAT debt. A bankruptcy order was made. My authorisation — and my livelihood — were at risk.”
The bankruptcy petition was adjourned at four days’ notice. We then applied to annul the order on the grounds it should never have been made. HMRC’s revised demand of £194,000 was resisted — the annulment was secured for £60,000. FCA authorisation was preserved with no regulatory notification required.
kept BKTCY halted
“The personal guarantee creditor came straight for us — aggressive, fast, threatening bankruptcy. Not the company. Us. Me and my co-director, personally.”
We identified that a voluntary charge could give the creditor the security to stand down from formal proceedings. A charge was agreed. The bankruptcy threat evaporated. Over £50,000 of combined personal and business debt was brought into a single coordinated arrangement. The co-director’s share was structured separately to reflect his different asset position.
kept debts written off
“I was so scared at the thought of bankruptcy. The thought of losing my home was terrifying. I wasn’t eating. I wasn’t sleeping.”
A thorough equity analysis confirmed the home was never at risk — the ownership structure meant the Trustee had no viable claim. We managed all correspondence throughout. The Trustee attempted to claim the family Porsche; we challenged it successfully and the claim was dropped. Mrs. SS emerged from bankruptcy with her home, her business closed cleanly, and all personal debts written off at discharge.