Case Examples

Business Debt Advice Case Examples

Read our Business Debt Case examples below... Anonymously taken from our real life cases where we've successfully helped with debt.

Limited Company Registered Charity

Solution opted for after consultation: Company Voluntary Arrangement or CVA

Details : The bank Loans were personally guaranteed by Directors and assets were excluded from the arrangement as the charity has continued trading.
The Charity was hit by declining investment income, loss of a funding grant, and a drop in charitable donations.
Their Liabilities included rent arrears, rate arrears, HMRC and money due to former employees. The directors put forward a proposal based on contributions over 5 years offering dividend of 16p/£ and it was accepted.

Limited Company Property Development Business

Solution opted for: Administration

The 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.
There was a distribution to the QFCH in the order of £1,500,000.

Sole Trader Cleaning Business

Total Debt: 131,450 (including over 50,000 to HMRC and 50,000 to HSBC)

Solution opted for after consultation: IVA

Payments: 724.55 for 60 months

Total paid towards IVA (including fees): 43,473

Partnership Two Professional Landlords

Total Debt: 1,370,503 (with property shortfalls and other debts)

Solution opted for after consultation: Lump Sum IVA

Payments: 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

Partnership Machinery Maintenance Business

Total Debt: 83,050 (including 24,000 to HMRC)

Solution opted for after consultation: IVA

Payments: 390 for 60 months

Total paid towards IVA (including fees): 23,400

Limited Company Manufacturer and supplier of consumable goods

Solution opted for: Administration

A 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.
The administration was within the initial statutory administration period of 12 months.

Limited Company Manufacture of roof trusses and general joinery

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.
Preferential creditors received payment in full, floating charge creditors received a dividend of 57p in the £ and unsecured creditors received a dividend of 2p in the £.

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Business Debt Advice is owned by McCambridge Duffy who are one of the leading Insolvency firms in the UK and have been in the financial industry since 1932. McCambridge Duffy solely provide IVAs and other Insolvency solutions.

On our site you will find information on debt solutions, both formal and informal. We provide this information so you have a clear overview of the options available for dealing with your debts. We do not offer informal debt solutions, so if an insolvency solution is not your recommended course of action, with your permission, we will refer you to an appropriate agency/provider that can assist you further.