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| My circumstances: |
| Web design firm with 2 directors had trouble with crown creditors raking up 38k+ debt... had a number of large projects fail part way through which ment lost of revenue that year. this accompanied by customers not paying throughout december ment that we didnt have enough cash in the bank (despite having bax transfers underway) the bank stopped communicating with us and our hand was forced. |
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| My interaction with
the company: |
| Introduced through business link advisor. advised to go into a cva. we went to a few meetings and signed some forms. |
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| Why I gave the ratings I did: |
| i now believe we should have liquidated instead of going into a cva because a CVA is a long commitment whereas liquidating the company would have taken a few weeks. I believe the business link advisor gained some revenue / handout from his referral and that we were not given the facts by business link or oharas. Oharas were very lackluster in their communication with us... not prompting us to pay (we had a few late payments) and being generally slow to respond. when Chris Brooksbank left we were not informed and had to re-introduce ourselves to Simon, a new consultant. |
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| One thing they did - which really
impressed me: |
| made things quick |
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| One thing they did - which I felt could be improved: |
| communication and helping us weigh the options better. |
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| Other points |
| we wrote off 60% of the debt over 5 years (this is now the 5th year) i resigned my directorship yesterday and have new employment - this was a hard choice because i believed the IVA held me to the debt but after a few days research i found that it was relativeley easy to absolve me from this situation (otherwise id have walked earlier) my ex business partner is still maintaining the business. |
