Personal Appearances led to personal guarantees
Mr H was a popular radio presenter – just hearing his jingle was virtually a guarantee that the number of listeners would go up. He presented the drivetime show on a northern local radio station, then went on to night clubs where he could virtually guarantee that drink sales would go up.
When he was asked to present the breakfast show he knew the late nights would have to stop, but he set up a presentations company then a travel agency so that he could still meet the fans and carry on making his fortune. He took on a lot of debt, but did not think anything could go wrong.
The companies were making losses, and when he was replaced on the radio station everything started to go downhill.
He moved to the south, and started working at another radio station but he was unable to make all the personal appearances or benefit from his popularity as he was not yet well known. Since the companies were based around him and his fame, they went into liquidation and Mr H was left to pay the the bank under his personal guarantee. The problem was that all his earnings as a DJ had been spent!
Carmichael & Co was able to agree an Individual Voluntary Arrangement with his creditors, and he was able to carry on presenting without the bad publicity of bankruptcy. When he realised he was about to lose that radio job as the station was taken over, he asked his creditors to accept a lump sum he was able to raise from his family and they agreed to accept just under 25% of their debt.
Mr H is no longer on the radio, but he is also no longer in debt.
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!
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The debt laden dentist
New shopping centre led to financial problems
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.