When insolvency isn’t the answer
Sometimes insolvency isn’t the right thing. R Ltd had spent a lot of money in some engineering inventions, mostly from a Venture Capitalist’s investment. It was losing money, so the Venture Capitalist asked Carmichael & Co to look at whether they should put the company into administration or liquidation to try to get some of its money back. The answer turned out to be neither!
We took a look, and realised that part of the problem was that the director didn’t understand what information the Venture Capitalist needed and what time frames it was working to. Having overcome that problem they carried on working together and in the next year R Ltd won awards for their inventions and saw their products in several large chain stores after appearing in television, radio and in national newspapers.
The director found other investors who paid off the Venture Capitalist to own the company, so the Venture Capitalist got all their money back without forcing the company to cease trading.
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
Paying for liquidation if you can’t afford it
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.