My Company is in financial trouble and I don't know what to do. PLEASE ADVISE!

hi2gav

Hi All,

I am a director of a Roofing Contracting Company which I started quite a few years ago from a small base just outside of Birmingham.

I have worked very hard, provided a great service and built the business through recommendation and pure hard work.

A few weeks ago one of our biggest customers, a property developer, went bust owing us around £20,000. If that wasn’t bad enough, last a big contract that I had hoped to start next week has been delayed probably in definitely.

I have struggled to meet payments to my creditors, gone without my own salary and laid off some of the workforce, but with the doom and gloom forecast for next year, I can not see how I will ever be able to generate enough business to carry on.

I am now receiving threatening letters from creditors and it is likely that the Inland Revenue will issue proceedings against the company any minute now.

The stress is unbearable and I am not sleeping and all I ever do is shout at my family.

I am very worried as I have given my personal guarantee to the Bank and I have 2 vans and some equipment on lease and have no idea what will happen if I fail to make the monthly payments.

I now there are specialist insolvency companies, but I would like to use someone that is recommended to me rather than pick a name out of the yellow pages.

Can anyone help as I am getting desperate?

Thanks in Advance

Gavin

boredofbeingathome

That is awful Gavin, i really feel for you..it seems such a shame that good honest, decent, business men are going to the wall with this recession. I am not 100% sure but think that the cccs have advisors who deal with your situation and i would ring either them, or the national debtline who could more than likely put you in touch with the advisors you need.
Good luck with it all, i am sure once you have spoken to someone then they will help you through this traumatic time.

boredofbeingathome

bump..in case anyone else knows

HHH_2

CCCS have specialist advisors for the self employed I think so i would try them first. you are in a terrible situation but you will not be alone.good luck and remember it's only money you family's health is far more important

bumble-bee_3

Business debt line perhaps worth a call?

http://www.bdl.org.uk/index.asp

So sorry Gavin that you are having such a difficult time, best wishes to you and your family.

Taygal82

I don't know if we are allowed to mention company names here. I would hazard a guess that the company can't afford the fees of any of the 'Big Four' although apologies if this is not true. I would therefore google the 'Big Eight' of accountancy (I think they are refered to), which are the next step down, providing the same services but for less cash. Having said that an intial chat will/should be free. Call all the offices near you.

Good luck with everything, I hope they can find a solution for you. Don't bother with CCCS, they are for consumer credit mostly and won't have the expertees you require.

Or call you lawyer? If they don't have the ability to help, they will certainly know of someone who can. In fact yes, ignore the above, do this.

golf-girl_2

Hi Gavin,

I've just read your message - We've recently been through a similar thing.
My husband and I run a removals company and this time last year we had 5 vans, a dozen staff and more work than we could cope with. This year what with the property crash and the banks not lending, people are just not moving and by the middle of the year we had virtually no business left
It got to the point we couldn't pay the bills and we started getting threatening letters from the people we owed money to. We were terrified we did not know which way to turn. I spoke to a friend who recommended affirm of Insolvency Practioners that had helped him in the past.
We were really nervous but I contacted them and we arranged to meet up. They were so professional and understanding they guided us through the process closing of closing the old company and helped my husband set up a new one. We didn' t think he would be able to do that but they got it sorted
The new company is now doing ok on a much smaller scale and we hope we can now to ride out the storm.

I'm not sure if the rules of this forum, and dont want to get told off for 'advertising' the name, but they really were very good so please feel free to Private Message me and i will direct you to there website and phone number.

You may not believe it but there is light at the end of the tunnel! Good Luck.