New shopping centre led to financial problems
Mr & Mrs B had run a shop for a long time without any financial worries, but when a new shopping centre opened at the other end of town their business failed. First the roadworks and traffic jams chased away their customers as they couldn’t park, then the council refused to pay compensation as they said the new shopping centre would bring in more customers for all the shops at both ends of the high street. They just forgot to tell the customers to walk outside and all the way to the old shops!
They told their accountant they were going to petition for their bankruptcies, but he told them to talk to Carmichael & Co instead. They would have been bankrupt for 1 year, and lost their house. The costs of bankruptcy would have been higher than Individual Voluntary Arrangements, so they offered their creditors 75% of the equity in the house when they sold it, though they couldn’t afford any monthly payments.
Creditors agreed, and even though Mr and Mrs B had to go and work in other shops, they had enough left over to pay the deposit on their new house ready for their retirements.
We can’t always guarantee as good a result as this, but the creditors and Mr and MNrs B all thought it was fair.
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
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
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.