Here are a few examples of recent cases.
To protect our clients and comply with Data Protection rules we cannot disclose more information. However, many of our clients are happy to talk about their experience and the service of care we provided. If you would like to speak to one of our clients about a particular case, please click the “Request to speak” links below and click to send. We will give your details to the respective client and they will contact you as requested.
Mr S, Sole Trader Case #1
Mr. S. owned and ran a garage and repair shop, which he started 28 years ago. He had one major debt with a supplier and was having difficulty paying. The supplier, a big, national concern with their own legal/collection department was threatening to issue a Statutory Demand. Mr. S. called us in and within 2 weeks we had arranged a re-mortgage on his house and negotiated an “informal arrangement” with the supplier. The debt was settled at a figure, 30% less than the original demand.
Mr. S’s new mortgage was at a much lower interest rate, so his monthly repayments were less than before, even taking into consideration the extra money added to pay the debt. With the 30% saved, Mr. S purchased some new capital equipment to improve his general service levels and paid our fee.
From start to finish, it took a month to complete.
Mr G, Sole Trader Case #2
Mr. G was a Sole Trader running his own business, who ran into financial difficulties due to a serious down turn in turnover (2008-9) He owed one supplier £10.000.00, could not pay it and faced a threatened bankruptcy petition. We stopped the legal action and settled the debt by negotiating an “Informal Arrangement” achieving both a reduced amount and staged payments over 12 months.
His credit rating was not adversely affected.
Mr. and Mrs. W, Limited Company, Closure
Mr. and Mrs. W. had run their builder business successfully for 30 years and had a great reputation locally for honesty and quality. Due to ill health they decided in 2006, to retire to Spain hoping they could keep the business (Ltd) running (as retirement income) under the management of one of their long-term employees. They sold their house and went out to Spain to find a new home, staying in contact with their Manager, by phone and email. They traveled back to the UK every 3 months to check how the company was doing and to check the accounts which were handled by an external firm of Accountants.
Initially all went well, but on one trip home in late 2009, they discovered that business had slumped, ((due to the recession and bad local management) and over £100.000 was owed to suppliers.
They stopped trading and asked us to handle the closure, settling all the creditors and collecting money due. Both Mr. and Mrs. W were insistent that all the creditors should be paid, even though the company was Ltd (their reputation and integrity were more important) and made £100.000.00 available, out of the proceeds of their house sale.
Leaving their business in the hands of others still cost Mr. and Mrs. W £65.000.00.net after collections
They now live happily in Spain and both are fit and well, relaxed, tanned and speak Spanish fluently.
A Sole Trader Partnership Plymouth, Devon,
A struggling retail business asked us for advice and help. Turnover dropped by 60% over 2009/2010 due to the recession. All their suppliers, except the Revenue were paid, but only via the use of personal credit cards and increasing Bank loans and Overdrafts secured with Personal Guarantees.
It was clear Bob, had to file for Bankruptcy (he had no assets), which he did mid 2010. Meanwhile we set up a new Ltd company which is run, successfully by a Daughter and Bob has retired. It seems unlikely that the Revenue will pursue the Vat debt from Bobs’ partner, his wife, but we remain in contact.
PHOENIX & CO deal with Insolvency problems throughout the SouthWest. We always look first, for “survival” options and experience proves that the sooner we are called in, the more solutions will be available. You can also choose from the subject list below and ask to speak to a client we assisted.
- Debt management
- Aggressive Creditors and their legal actions.
- Credit card and unsecured debt, short settlements and payment plans.
- Contractual disputes, negotiations and arbitration.
- Bankruptcies, personal and partnerships.
- Administrations &Liquidations
- Pre-pack/Phoenixing
- Interim management
- Re-structuring plans and management
- Business plans, including Health checks and Sales ledger Index rating for lenders.
- Structuring IVA’s and CVA’s