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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by Helpful Advice[/i] [br]I thought I would do a short(ish) story on my history for you to get to know what I have been through and what drew me to this industry. This story will form the basis of a new Blog I am setting up which I plan to update with real life client situations for you to relate your own situations to. After working for one of the major banks as a business advisor, I involved myself in a friend’s ailing business, Changing the business format and then direction turning the business in to a profitable chain. At this point I saw a skill in turning around troubled businesses, and purchased my second ailing company. The company had a loyal database of customers, but the owner of this business had drained the company’s resources to develop a manufacturing arm to the business. The company was a distribution business within the communications arena. It had a turnover of £1,500,000, however was carrying debts in excess of £250,000. Although the stock was valued at £120,000 it had been slow moving as the materials were small parts of bigger objects and without purchasing further materials to make up the larger saleable stock items the current stock had no real value. I contacted each of the company’s creditors explaining my plans and intentions for the company and after meeting with each one I put the company into a Company Voluntary Arrangement (CVA). The CVA was approved at 96% in favour to pay back £125,000 over five years. With this I relocated the centre of operations from London to the West Country and overnight cut the company’s overheads by half. The company traded for four years successfully and along the way enabled me to pick up two further struggling companies a metal fabrication company and a manufacturing business. The group of companies now had a strong turnover and were running smoothly until our largest customer went into liquidation owing all of the company’s considerable money. It was at this point I should too have entered my companies into creditors voluntary liquidation, however I truly thought I would be able to trade on and replace the customer I had lost, unfortunately not only did I have the CVA, but I had now incurred serious debts due to the loss of this customer, as well as a loss in turnover and the all important cashflow for the business. I managed to stretch out the inevitable for a year before a creditor finally petitioned for the company to be wound up, at this point the supervisor of the arrangement failed the CVA. Unfortunately due to my keeping the company running for a further twelve months I had increased the level of indebtedness to the creditors, an offence under the companies act , resulting in my being banned from being a Director. With the loans for the companies subject to personal guarantees I saw no alternative, but to declare myself Bankrupt. I involved myself in the insolvency industry as I had enjoyed the turning around of the companies in the early stages, but I had also now been through Bankruptcy personally. I wanted to help people who were going through what I had just been through and give them the benefit of my hindsight. There were very few Bankruptcy Specialists available at this point and when I was struggling, each company I tried to seek advice from tried to sell me an IVA. I studied the Bankruptcy rules and regulations, the Insolvency Acts and then went to work for a company giving Insolvency and Debt advice. Since starting in this industry I have adored what I do, stopping someone from losing their home or helping them to clear overwhelming debts and seeing the transformation from someone who is at one of the lowest points of their life to someone who is happy and in control again is the best job satisfaction there is. I started England, Jackman & Spacey with my business partner two years ago, I am currently structuring a deal to purchase the business from my partner and grow the business to the next level and in July 2009 will be able to convert the partnership to a company when my Directors ban finally ends and closing another chapter in my life. By posting as an expert on the forum I hope to help those of you in financial difficulty by answering your questions and calming your fears of the process, remember I’ve been where you are and I know how you feel. You should never feel you are asking a stupid question as no question is considered stupid and that’s what we are here for. Brett Kind Regards, Brett England View my Blogs at: http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/ Bankruptcy Specialist England,Jackman & Spacey WebSite www.ejands.co.uk [/quote]   Check here to include your profile signature.