Being an entrepreneur is never easy considering the amount of risks and decisions one has to take. The decisions don’t always succeed which might even lead to a huge loss for the company. It is advisable to consult a debt manager under such circumstances and to specify your problem in detail. The manager would advise you to go in for an IVA, which is the most common option preferred by businesspeople all around the world. The IVA would bail you out of a pressure-cooker situation and provide you with sufficient time to work out a strategy.
You the debtor have to organise a meeting comprising of all your share holders, your creditors and a separate licensed petitioner. Your role in insolvency is to convince your creditors that you are capable of bringing back the balance sheet of your company to a positive value and that you will soon be able to repay all of your debts.