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The phone ringing at 4.50 pm and the receptionist had gone home early, so I picked up the phone and answered it, an elderly male voice said I would like to speak with Moe Nawaz please. Moe speaking and how can I help you sir? My name is Peter —— can you please help me with my business debts. Peter went on to explain he had been to see two insolvency practitioners one recommended by his accountants and another from the internet both of these people were not able to provide a solution for my problems, can you? I would be happy to if you could tell me what your total business debts problems are Peter, I said to him. |
The phone ringing at 4.50 pm and the receptionist had gone home early, so I picked up the phone and answered it, an elderly male voice said I would like to speak with Moe Nawaz please. Moe speaking and how can I help you sir? My name is Peter —— can you please help me with my business debts.
Peter went on to explain he had been to see two insolvency practitioners one recommended by his accountants and another from the internet both of these people were not able to provide a solution for my problems, can you? I would be happy to if you could tell me what your total business debts problems are Peter, I said to him.
Peter had an overdraft of around £57,000 for his business and was not in a position to repay the business debt to his bank, his business was now getting deeper in to debts and Peter could not see any way out. If he were to liquidate his company he would be left with a short fall to the bank for his over draft which he had given personal guarantees to the bank. Peter was afraid of being personally bankrupted for his overdraft commitments if he did not pay his business debts to his bank.
The business had stock of £83,000 at cost of which 50% was not paid for and further supplier business debts of £69,000 plus other creditors of around £11,000.
Three Days later we had a meeting with Peter to go through the whole process and see if we could create a strategy where Peter would reduce or eliminate his personal liabilities to any of his / business debts.
The two insolvency practitioners that Peter had been to see just told him that once the company was liquidated and money due to the bank would become Peter’s personal liabilities and he would have to deal with the bank himself. We had managed to create a pre – insolvency / liquidation strategy for Peter and helped him to implement it as well.
Seven weeks later Peters company was liquidated with the bank overdraft sitting at just a little over £8,000 which was a substantial reduction by nearly £49,000. IN addition we had manage to find a good and sympathetic insolvency practitioner who was formally appointed to liquidate the company and deal with the creditors.
You see if you seek the right advice from people who care about their clients more than themselves, you will win every time. What’s more I do care because I can sleep easy knowing that I have helped Peter and others like him out of problems that might seem impossible to insolvency practitioners but not to me or the Peters of this world.
When you have business debts or company debts seek professional advice from people who care about your problems. My name is Moe Nawaz, I am an insolvency auditor & strategist who has been helping business owners since 1989, check out my books and other publications on Amazon.co.uk and see what others are saying about me by Goggling my name.
Give me a call if I can be of any service to me, even the call is FREE Tel: 0800 24 0800
Filed under: BUSINESS DEDTS
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