Read our Business Debt Case examples below... Anonymously taken from our real life cases where we've successfully helped with debt.
Solution opted for after consultation: Company Voluntary Arrangement or CVADetails : The bank Loans were personally guaranteed by Directors and
assets were excluded from the arrangement as the charity has continued trading. |
Solution opted for: AdministrationThe Company was hit by downturn in the property market. A creditor petitioned for the winding up of the Company. Their Administration involved instructing and liaising with sub-contractors in relation to the completion of properties, marketing properties for sale, collection of rental income, liaising with architects, NI Planning Service and various bodies with respect to planning application for development land held by the Company. |
Total Debt: £131,450 (including over £50,000 to HMRC and £50,000 to HSBC) Solution opted for after consultation: IVAPayments: £724.55 for 60 months Total paid towards IVA (including fees): £43,473 |
Total Debt: £1,370,503 (with property shortfalls and other debts) Solution opted for after consultation: Lump Sum IVAPayments: Lump sum offer of £150,000 from sale of Holiday home accepted as full and final settlement. Total paid towards IVA (including fees): £150,000 |
Total Debt: £83,050 (including £24,000 to HMRC) Solution opted for after consultation: IVAPayments: £390 for 60 months Total paid towards IVA (including fees): £23,400 |
Solution opted for: AdministrationA family business which had traded successfully for 40 years. The Company began to experience difficulties as a result of a strategic switch to lower margin/high volume products with rises in Commodity prices. The business traded for a short period whilst efforts were made to sell as a going concern. The Administrator was unable to secure the sale of the business despite concerted efforts and employees were made redundant and assets sold on break up basis. |
Solution opted for : Liquidation (Liquidator appointed by members and creditors)Arranging for the sale of motor vehicles and plant & machinery, collection of book debts, distributing proceeds from sale in order of priority, taxation matters, agreeing creditors’ claims, statutory reporting to creditors and DETI. |