Case Study 3

Denise – Fashion Wholesales

To put it simply, both my business partner and I felt the business had run its course. Not only did we have debt of 60K, which was too much for a small business like ours to bear, but both of us wanted to follow different paths.

Des wrote to our creditors advising them of our situation and helped us prepare a Statement of Affairs for the business.

The Statement of Affairs showed our creditors the extent of the debts, but also that retention of title claims meant there were no assets to distribute.

Because of the costs involved none of the creditors wanted to wind the company up, and as we couldn’t afford a Voluntary Liquidation Des helped us in making an application for the company to be dissolved. The applications was ultimately successful and the whole process was made smooth and relatively stress free by Des’ involvement.