marlow:
The business was making good money. We had a turnover of around £12,000 week, £2000 of that was clear profit after everything had been paid.Three years later when the official receiver had finished with every thing the figures came out as total liabilities £240’000 (ish) Total Assets £128’000 (ish
i’m not sure how making good money and being over 100k in debt stacks up?
i do agree though that the receivership / liquidation business is a total farce, i was owed a decent amount of money by a freight forwarder who just decided to wrap up after he took a hit himself, but still had a decent amount of money in his business - but the end the vultures took the lot leaving me and several other hauliers with squat, and what’s more they all look like trainee estate agents too!