Denis Day is the proprietor of TaxAssist Accountants of Caterham. His firm is part of the largest network of accountants for small businesses in the UK. Earlier this year, Denis put the directors of a company in touch with us after their business got into serious financial difficulty.
In addition to the recession, the company had suffered as a result of an unfortunate incident involving a customer claim. Although fault lay with a supplier, the supplier entered into liquidation leaving Denis’s client to bear the full cost. This left the company with a significant amount of unsecured debt and an HMRC investigation followed. Denis explains how he came to refer his clients to us and what happened next (names and identifying details have been withheld in order to protect identities).
Q - How do you know Bailey Ahmad?
I met Tom Ahmad at the Croydon Business Executives Association (a networking group in Croydon) and was immediately impressed with his manner.
Q – What prompted your initial call to Bailey Ahmad in this case?
To be honest, not having worked with Bailey Ahmad before, I introduced my clients to another insolvency practitioner at the same time and let them make their own choice. My clients – the directors of the company – knew that their business couldn’t survive in its current state but they had built up a strong brand locally and wanted this to be preserved if at all possible. My clients chose Bailey Ahmad because they thought they would be best-placed to achieve this objective and it proved to be a good decision.
Q – What was Bailey Ahmad’s assessment of the situation?
Bailey Ahmad quickly concluded that my clients’ company could not survive via informal negotiations or by restructuring its business through a Company Voluntary Arrangement. But at the same time, if my clients ceased trading and placed their company into voluntary liquidation, this would damage the reputation of the business and reduce the value which could be extracted for its creditors.
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