For many sole traders and small business owners across Scotland, the scariest thing this Halloween isn’t what’s lurking in the shadows - it’s the thought of unpaid invoices, mounting tax bills, and sleepless nights over cashflow. Debt demons can creep up quietly, turning small problems into monstrous ones before you know it. But the good news is - you don’t need to face them alone.
Just like any good horror story, there’s a way out - and it usually starts with facing the fear head-on. The biggest mistake many business owners make is waiting too long to seek help, hoping things will improve “next month.” By then, the interest, penalties, and creditor pressure can make the situation feel truly haunted.
If your business is struggling to pay suppliers, rent, or HMRC, it might be time to call in the financial exorcists - professional insolvency practitioners.
For sole traders, solutions such as a Debt Arrangement Scheme (DAS) can help you repay what you owe in an affordable way while continuing to trade, while a Trust Deed or Sequestration may provide debt relief, depending on your circumstances.
For limited companies, there are structured routes such as Creditors’ Voluntary Liquidation (CVL) - where a company that can’t pay its debts is wound up in an orderly way - or administration, where an insolvency practitioner takes control to rescue the business or protect creditors’ interests. These aren’t the stuff of nightmares — they’re legal, practical ways to bring calm to the chaos and start your recovery.
Remember, insolvency doesn’t always mean the end. In fact, it can be the beginning of something better - a chance to shed unmanageable debts, rebuild on solid ground, and regain control of your business’s future.
So, this Halloween, don’t let financial fear rule the night. Shine a torch on the problem early, take advice from qualified experts, and banish those debt demons for good. The sooner you act, the sooner you can get back to doing what you do best - running your business, not running from the ghosts of unpaid bills.
Don’t let your finances give you a fright. If your business is facing scary money troubles, reach out for confidential advice today. Contact Richard Gardiner on 01383 628800 or email rgardiner@thomsoncooper.com to arrange a free initial consultation.
About the author
Richard Gardiner
Richard is Head of our Corporate Recovery and Debt Solutions Department.
He is a licensed Insolvency Practitioner with the Institute of Chartered Accountants of Scotland.
He manages a large team of managers and support staff who offer the complete spectrum of personal and business debt solutions available under Scottish legislation.