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WHAT OUR CLIENTS SAY
Medical Specialist in Debt Situation
I am a medical specialist who found himself woven into debts of a corporate entity. It seems cliché, but I thought myself pretty intelligent and thorough. However, I was incredibly busy. In the process of running what appeared to be quite a successful business, I had been rushed into signing forms in between patients with almost immediate deadlines. To my detriment, I found I was liable for all the debts of the company and other well to do directors were able to hide behind trusts. I was reassured by the banking agent that this were routine documents and if there were any issues, I would be very unlikely to have exposure. Over a period of 2 years – the company largely from the chairman running up unauthorised expenses - had about 1.7 million in debt and rapidly went into liquidation. During this time, I was also trying to keep the business going so as not to ruin the lives of my employees, trying to meet the needs of creditors and all the while trying to deal with a director who was lying about expenses. I just wanted to crawl into a hole and did not know where to turn. Lawyers were happy to talk and put up walls and charge tens of thousands of dollars.
I was directed to Susie and Tom at the SR group who laid out the options for going forward and surviving the process with some assets, dignity and respect. Susie has been through this process – it is incredibly easy to be on the wrong side of the ledger with the banks and it is a rollercoaster of loss of success and also loss of trust of others while trying to first “ground” and re-build.
It was a journey and the process involved several months of dialogue, formal letters to co-directors, the liquidators and the bank. Through the SR group I was ultimately able to create a deal where I supported the company in liquidation and the business was sold with my ongoing reputation, retention of most staff and most importantly the bank provided me with a covenant not to pursue me (or my family members associated with my entities) for further expenses. This was the best possible outcome for me and one that I was told by others in business and law that was “impossible”.
I was directed to Susie and Tom at the SR group who laid out the options for going forward and surviving the process with some assets, dignity and respect. Susie has been through this process – it is incredibly easy to be on the wrong side of the ledger with the banks and it is a rollercoaster of loss of success and also loss of trust of others while trying to first “ground” and re-build.
It was a journey and the process involved several months of dialogue, formal letters to co-directors, the liquidators and the bank. Through the SR group I was ultimately able to create a deal where I supported the company in liquidation and the business was sold with my ongoing reputation, retention of most staff and most importantly the bank provided me with a covenant not to pursue me (or my family members associated with my entities) for further expenses. This was the best possible outcome for me and one that I was told by others in business and law that was “impossible”.