We are a printing company we were heavily financed, the more we borrowed the higher the interest. The more we defaulted the harder it became for us, the Inland Revenue and VAT were charging horrendous interest, the bank were bouncing cheques and writing to tell me at £40 a time, it was a vicious circle. At my wits end I saw my solicitor she recommended that we meet ias. All I can say is that I will never be able to repay my solicitor for that advice she saved my life - quite literally!
The speed at which ias worked was phenomenal. They gave me a hard time, they pushed me and my employees for information, and they even brought my family into the equation. Which in hindsight was not only fair but tactical brilliance - the message was clear unless we all mucked in we would lose everything including our home, a real home, a home where my children were borne. ias took no prisoners, we had no time, a petition for our winding up was on the table, and I thought that I had left it too late. Michael came in with his team, arranged re-finance of all equipment, gave us a new accountant, new banking facilities. Valued all equipment, had an agreement drawn up for the new company to purchase everything at a price higher than the valuation.
This man is an insolvency expert, a brilliant tactician and negotiator, and according to my solicitor a true visionary. In one swoop a CVA was placed before our creditors - either accept this sale and see some money personally guaranteed (we had nothing to lose!) over 12 months or see a tenth of what was being offered - the majority accepted. We had stopped the petition, written off £400,000 of debt. Completely re-structured the company and protected all the assets so that they are never at risk again.
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