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Photographer’s
shop and studio – Devon
Mr and Mrs R had been running their photography business for
several years and their debts had continued to escalate. To
a large extent, this was due to them signing up to a shop
lease in a shopping centre where many businesses were now
either closing or had left.
Because the lease still had nine years left to run, they were
in a position where they were unable to just walk away.
After coming to see us to talk over their options, we both
decided that a Voluntary Arrangement was the best solution
for them. This effectively bound together all of their creditors,
who recovered £450 per month over a 3 year period. This
meant that a total of £16200 was paid out against debts
of over £50000 plus the leased shop.
Following the Voluntary Arrangement, Mr and Mrs R were able
to vacate the old shop and rent a new one in a cheaper and
busier part of the town.
By talking to us and subsequently proposing a Voluntary Arrangement
to their creditors, they were able to protect their income
and continue in business.
Chain of shops
B Ltd operated a chain of general stores. They got into financial
difficulty because of pressure from one supplier although
they had a very profitable business. We arranged a Voluntary
Arrangement to protect the business to allow it to be sold
as a going concern. This resulted in the supplier and all
creditors being repaid in full. If the company had gone into
liquidation the stores could have ceased trading and the directors
would have started again with a new company but creditors
would have lost at least half of their money.
Mr C
Mr C had not completed a tax return for a number of years
so the Inland Revenue estimated his income and made him bankrupt.
He owned his own home with considerable equity in it and the
official receiver, who was now his Trustee in Bankruptcy wanted
to sell it to repay the creditors. We arranged via the court
to stop this process and allow him to re-mortgage and repay
all his creditors in full. That way he kept the house.
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