Insulation Manufacturer – North West
Long established company employing 50 staff was placed into administration by a factoring company due to bad debts and a temporary downturn in sales. We negotiated an attractive deal for the new company to purchase the assets of the business and negotiated a rental period whilst the family raised the funds to purchase the industrial site. The business is now thriving and expanding, all jobs were saved and a fire sale of assets avoided. The family who own the business saved hundreds of thousand of pounds due to our assistance.
Dentist – North West
Following an expensive divorce and the loss of a legal action following the sale of his practice this dentist was forced into bankruptcy. Following our guidance the dentist was not made subject to either a bankruptcy payments order or a bankruptcy restrictions order. After 1 year of bankruptcy he resumed full control of his practice. We also negotiated with his trustee a very good deal for him to purchase the trustees interest in the family home.
Property Developer – North West
Following a messy divorce, terrible accountancy advice, and the bankruptcy of her ex husband who was also her business partner this lady was left with debts of some £600,000 and little in the way of assets. She wanted to avoid bankruptcy as she had some equity in her house and a new retail business. Following our negotiations with her creditors an IVA was drawn up and her creditors accepted 2.5p in the pound on her debts. A fresh, debt free, start and a very pleasing result for our client.
Solicitors – West Midlands
This law firm expanded too quickly into a new market which dried up their cash flow and caused the liquidation of their company. One of the partners was left with unsustainable debts and wished to avoid bankruptcy. Following our advice and assistance he entered into an IVA and is on the road to becoming debt free and is continuing to practice as a lawyer.
Retail Chain – North West
This company was liquidated following our advice in order that some stores could be closed and redundancies be made in order that the new company could trade profitably on a smaller scale. Following our guidance there was a smooth transition and over £150,000 of cost savings made. The new company is now trading successfully.
Haulage Company – West Midlands
Hard working director hit by fraudulent transactions and terrible advice meant a £300,000 insolvency. Now through administration and on target to make £200,000 profit in first year of trading following administration with hands on guidance from us and their new accountants.
Precision Engineering Company – North West
Historic good profits but hit by the rapid contraction of their market sector due to customers outsourcing in Eastern Europe, India & China left a hole of £250,000. Following a successful packaged administration the business is now moving forward profitably on a more streamlined basis without the need for expensive bank finance.
Private Ambulance Company – South East
Director took the eye off the ball and let things slip leaving large tax debts. Following administration the new business is being run to a sound business plan and it is now highly profitable. Active collection of the old book debts has also saved the Director from paying his previous bankers £100,000 under a guarantee.
Financial Services Sole Trader – Midlands
This sole trader expanded too quickly and was hit from all sides at the start of the credit crunch. Following our advice he entered into bankruptcy with debts of over £700,000. The family home was saved and he is now debt free and earning a good living again.
The above are a tiny proportion of successful cases undertaken. We have assisted countless other businesses and individuals over the years with debts ranging from £20,000 to £3,000,000.
Goldsmith Little – Call us now on 01253 713799