Case History No. 5 - George Benson, Limited Company, Manchester.

The situation with George's company was ironic, here was a company that had been struggling in its first two years of trading, and now that it had finally secured a five year contract, the future looked very rosy indeed. However, a mixture of bad advice from its accountants and the loss of revenue from several large orders that were cancelled, meant that many of the companies bills had not been paid.

The Inland Revenue, who were owed £65,000 by the company, had served a winding-up petition. The Hearing was four weeks away and George just didn't know what to do for the best. The Revenue had turned down the payment schedule that he had offered and he had been advised that the only course of action was to liquidate the company.

The problem was that George had put everything into his business and it was just about to turn the corner and start making very substantial profits. The five year contract that he had secured was an asset of his company and was not transferable. Luckily for George he saw one of our advertisements.

Our services most probably do sound too good to be true to someone that is in deep financial problems, with no obvious solution in sight. Following the free consultation that George had with us, he began to realise that there was light at the end of the tunnel, and a future for his company.

It was a week before the Hearing that George came to see us. We advised him that the answer to his problems would be a CVA (Corporate Voluntary Arrangement). Having prepared a draft proposal, we attended the Hearing, which was adjourned to allow us time to arrange the CVA. We introduced George to one of our Licensed Insolvency Practitioners who negotiated an easily manageable repayment schedule, which wrote off 73% of his debt, and, more importantly, saved his business and allowed him to take advantage of his contract.

'I'm still in business thanks to Debts.co.uk. George Benson.

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