CASH strapped `secret millionaire Chek Whyte has failed to reach an
agreement with creditors and is still facing personal bankruptcy.
An Individual Voluntary Arrangement was thwarted by HM Revenue & Customs, which is owed 1.2m and refused to agree the deal.
Now Mr Whyte, who has debts of 33m, faces a bankruptcy hearing brought by one of his [...]
Dont let thishappen to you
Personal Experience of Debt:
3 years ago, I had 2 successful businesses and a 1.2million property portfolio but I also had 140k of personal & business debt. So I entered into an IVA, but I chose the wrong advisors. The IVA failed, my debt increased to approx 400k & the Insolvency practitioner [...]
Pre Pack Administration
If your Company is in serious debt, there is a powerful, legal way of solving your problems that would result in selling your business on to a third party, which can be a totally new Company a newco or to the existing directors.
The name for this solution is pre [...]
CVA’s
Company Voluntary Arrangement
There is legislation that enables a company to make a private arrangement with all its unsecured creditors. The CVA (Company Voluntary Arrangement) procedure was introduced by the Insolvency Act 1986 IA86 and is simply a formal mechanism which permits a company, which has debt problems, to reach a [...]
Corporate Debt Solutions
You could be guilty of wrongful trading without realising it if you are, you could become personally liable for the debts of your Company
If youre a Director of a Limited Company & you have Corporate debts the first thing to appreciate is that you must separate your personal [...]
