Do I help my business out?

• register limited company
• company limited register
• limited company registration
• personal injury at work
• rotary blood bank

Hi


I'm a self employed builder, I've just finished work on a bathroom renovation for the client and they're now saying they can't afford to pay.


They paid the down payment, which is a bonus as I'm not that far down, but I owe my suppliers £3200 incl vat.


I don't have that kind of money to hand nor do my relatives.


I'm starting a new 'project' this week that will bring in £1300 (before I get paid)


Long and short, as my business is an LTD should I go into personal debt to try and fix it? Or should I just wind up the busines and start a fresh? Or should I try to negotiate to pay off £350 per month of my account to keep trading with them?


Thanks



Ps yes legal action will be taken in due course

Additional Details

Hi, Thanks for the pointers so far


I write 'self employed' as that's what I consider myself to be, yes im technically not as its a LTD company structure, however due to the bank viewing me as self employed as I own over 50% of the business that's how im choosing to describe myself for this.


Im very hesitant to let my suppliers down with payment as whilst they're very wealthy, if everyone defaulted that wouldn't be fair, at the same time I don't offer personal guarantees.


ive spent the day trying to get more work booked in at a slightly higher price to help me through this patch, obviously im taking legal action as advised


thanks for all your advice on this,

Do I help my business out?