Real Story – Paying for liquidation if you can’t afford it

Paying for liquidation if you can’t afford it

Miss K and her sister had bought N Ltd from their father when he was unable to be a director. The company sold sandwiches and snacks from vans, but people were no longer buying them. Even though Miss K had been employed for several years, the company was a lot older and the costs of redundancy, pay in lieu of notice and holiday pay for the staff was more than the company (or she) could afford to pay.

When she came to see Carmichael & Co she was worried that the staff who had been so loyal to her father would not be paid. We were able to reassure her and arrange for the company to go into Creditors Voluntary Liquidation, so those who had worked for the company were paid by the government. Even though she expected to pay our fees and was worried that she could not afford to, the amount she and her father received from their own redundancies more than covered the costs.

Other pages to read with real stories

All of these are true stories, real amounts, with just the names shortened. One of the people even phoned to ask if it really was him!

Not managing with a debt management plan
The debt laden dentist
New shopping centre led to financial problems
Personal Appearances led to a personal guarantee
When your health is more important than your company
Paying back Dividends and an Overdrawn Loan Account
When insolvency isn’t the answer

Carmichael & Co has experience dealing with the insolvencies of people and companies from the following trades: accountants, barristers, builders, bus drivers, civil servants, dentists, doctors, electricians, engineers, firemen, football clubs, gardeners, glaziers, health clubs, house-husbands, housewives, independent financial advisers, jewellers, lifestyle coaches, mechanics, nurses, printers, property developers, pubs, restaurants, scientists, shops, solicitors, supermarket workers and truck drivers to name just some.

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