Major suppliers

​If you owe money to a supplier for your business, they may take action to recover their money very quickly. You may need to treat this as a priority debt because:

  • without the supplier you cannot continue to trade;
  •  you can’t find the same goods or services from another supplier; or
  • any action being threatened may mean you have to close your business.

Dealing with your priority debts and Major suppliers for more information about how to negotiate.

If you think you don’t need the suppliers goods or services any more, you may choose to treat the supplier as a non-priority creditor. You can then treat the supplier in the same way as personal unsecured loans, overdrafts or credit cards.

Dealing with your non-priority debts