Last year I got a telephone call from a woman who said she had a business in the London area and needed a reputable insolvency practitioner to help wind her company down. I asked this woman to tell me about her business problem that she was facing and why she wanted to wind her company down.
After a brief history of her 7 year old catering business which had now accumulated debts of £311,000.00 to suppliers and hotel venues. New work was still coming but she was not able to manage her cash flow to keep the business running and pay off her suppliers at the same time.
The reason the company had got in to debt was that she had three weddings which went pair shaped not due to faults of her but she did not get paid after the event and the couples just vanished abroad, therefore leaving her to mop up the bills.
I asked her the million dollar question, if you had a magic wand in an ideal world what would be the best outcome you would like to see achieved from this situation that she found herself in?. After thinking about it for a moment or two she replied I would love to carry on running the business which she had built up and loved her work but a few bad mistakes has brought her to this sorry state that she was facing business bankruptcy and needed to find a good insolvency practitioner in London.
It was at this point that I advised her of some of the services which we provide to company directors faced with insolvency and business debts in London.
Three days later we had a meeting at the institute of Directors offices in Pall Mall in London. We spent almost 4 hours together putting a strategy together that would allow Janet (by this time she had given me her full name) to start a new company up and set up bank accounts to start trading in the new company for all her future orders that came in. Then we found Janet an insolvency practitioner in London that was on our approved register of insolvency practitioners in London.
Four weeks later the old company was liquidated by one of our liquidators and we arranged to buy back the fixtures, fittings and the rest of the assets of the company for a knocked down price of £0.30 in every £1.00 in other words 70% below cost, which was a good result and no more worries about any outstanding debts or creditors chasing Janet for money she could not afford.
Janet is now running her business successful and is taking on more staff to expand her business outside of London as well.
If you have a viable business that can be made profitable if it were not for the debts you are carrying then we might be able to create a strategy that will allow you to grow your business without the worries you are currently facing.
Why not give me or my team a call and see how quickly we can help you sleep easy at night by taking away your worries. We have approved list of insolvency practitioners in London in the event you need the services of an insolvency practitioner in London or the rest of the UK.
As an insolvency auditor my duty is to protect you by minimizing your personal liabilities as a director and any wrongful trading which you might be exposed to.
Other Insolvency & Liquidation Related Topics
Filed under: INSOLVENCY
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