A self employed builder had given a personal guarantee to the bank for £80k which we successfully wrote off in his bankruptcy. This resulted in the client keeping his house as his equity was minimal and enforcement would not have been economically viable for the bank.
A building subcontractor was let down on a big job by a tier 1 contractor to the tune of £500k. We applied for a Creditor’s Voluntary Liquidation which wrote off all business liabilities. This provided a platform for him to make a fresh start and keep all his personal assets.
A sole trader was in financial difficulties with HMRC enforcement officers at the door and the bank threatening foreclosure. We elected for a personal bankruptcy which immediately wrote off 100% of his debt. He was able to continue trading during bankruptcy and became debt free.
Our client ran a global drinks business which ran up £5m worth of VAT debt with HMRC who were enforcing recovery. We successfully managed to get the debt written off with a Creditor’s Voluntary Liquidation which was strongly contested by HMRC. The client was struck off as a director, but was legally debt free.
In this case we elected for personal bankruptcy which wrote off 100% of the debt with immediate effect. Within 12 months the client was discharged from bankruptcy and able to start rebuilding their credit.
Adverse trading conditions caused by covid creating various liabilities. Trading had picked up, but the crippling debt was dragging the business and his personal life into a downward spiral. We elected for a Creditor’s Voluntary Liquidation (CVL) which wrote off 100% of his company debt. Our client then had an opportunity of setting up a new business legally which is now trading successfully.
