My husband's limited company (a pub & restaurant) has run into major difficulty. There is a £10k overdraft that is now up to it's limit ... and the cheques are now bouncing. In addition my husband has £10k in personal credit card debts.

We are under contract with the brewery for another 2 years. We need to take £7500 per week to break even, even without unexpected bills. At the moment we're turning over £7,000 per week. Very quickly things are going from bad to worse.

My husband is personal guarantor on the line of credit to the brewery & a wine company. We don't live on the premises (as staff do), and have rented accommodation, and we also have very young children. I work part-time for another company (and have returned after maternity leave this month.) But after childcare costs it's not much.

I really can't see what are options are if revenue doesn't improve. We'll also have an £8k VAT bill on December looming.

Can anyone advise if we'll also lose any personal assests? Any suggestions. If revenue doesn't pick up, do we just have to go bust and do the baliffs come to our house?

I'm worried sick .... so any help would be much appreciated.

Thank you.