Olive   10 #73 Posted January 16, 2014 Because famously, 80% of new businesses fail in their first year.  There's also some statistic that's often mentioned that the majority of successful entrepreneurs go bankrupt before they find success, Donald Trump being an example. Share this post Link to post Share on other sites Share this content via...
Truthy   10 #74 Posted January 19, 2014 So, for the second time in less than 12 months, this company has liquidated... So why are they still trading now?  Surely no creditor in their right mind is giving this ridiculous woman another go, and a third chance to throw more money away and just have it written off again? Share this post Link to post Share on other sites Share this content via...
Bladesman   10 #75 Posted January 19, 2014 There's also some statistic that's often mentioned that the majority of successful entrepreneurs go bankrupt before they find success, Donald Trump being an example.  Yes but if you were to start again you would not keep 3 rather expensive shops open.  Liquidated again 12 months later is just poor business practice.  I have sampled a range of her products and they are not worth the money. I think the rest of Sheffield has finally noticed as well. Share this post Link to post Share on other sites Share this content via...
andyofborg   11 #76 Posted January 19, 2014 Yes but if you were to start again you would not keep 3 rather expensive shops open.  if i was confident that all three shops were going to be profitable then i would Share this post Link to post Share on other sites Share this content via...
Olive   10 #77 Posted January 19, 2014 Yes but if you were to start again you would not keep 3 rather expensive shops open.  Liquidated again 12 months later is just poor business practice.  I have sampled a range of her products and they are not worth the money. I think the rest of Sheffield has finally noticed as well.  Good point.  Or perhaps the cup cake bubble burst a few years ago, when people realised they are just over-iced buns! Was all a bit "emperor's new clothes" really. Share this post Link to post Share on other sites Share this content via...
johngray   10 #78 Posted January 19, 2014 As well as the (justified) venom directed at this person, let us not forget begbies traynor (the receivers)-bloodsucking little parasites that they are. They've done very well out of local businesses in recent times-it's vital that Adrian of begbies can afford to fuel his range rover.And porsche. He made money when kitchen(eccy rd) folded too. Share this post Link to post Share on other sites Share this content via...
tinfoilhat   11 #79 Posted January 19, 2014 There's also some statistic that's often mentioned that the majority of successful entrepreneurs go bankrupt before they find success, Donald Trump being an example.  ^^^^Is the correct answer.  In America you aren't really expected to be successful first time out - a business going under is a right of passage ! Share this post Link to post Share on other sites Share this content via...
Karis   11 #80 Posted January 20, 2014 ^^^^Is the correct answer.  In America you aren't really expected to be successful first time out - a business going under is a right of passage !  Wohooo! I'm right on course then Share this post Link to post Share on other sites Share this content via...
Bladesman   10 #81 Posted January 20, 2014 ^^^^Is the correct answer.  In America you aren't really expected to be successful first time out - a business going under is a right of passage !  How many times does Fancie need to go bust before its a success then? Share this post Link to post Share on other sites Share this content via...
fortherecord   10 #82 Posted January 21, 2014 As well as the (justified) venom directed at this person, let us not forget begbies traynor (the receivers)-bloodsucking little parasites that they are. They've done very well out of local businesses in recent times-it's vital that Adrian of begbies can afford to fuel his range rover.And porsche. He made money when kitchen(eccy rd) folded too.  Yes, clearly there is money to be made from this lark. The law of unintended pre-pack consequences enables directors of failed companies to 'change the name and do it again' conveniently walking away from their debts whilst the companies they appoint to liquidate them get rich on the assets that should be available to creditors and suppliers to recoup some of their losses.  It stinks. Share this post Link to post Share on other sites Share this content via...
Goooooogle   10 #83 Posted January 21, 2014 As well as the (justified) venom directed at this person, let us not forget begbies traynor (the receivers)-bloodsucking little parasites that they are. They've done very well out of local businesses in recent times-it's vital that Adrian of begbies can afford to fuel his range rover.And porsche. He made money when kitchen(eccy rd) folded too.  Pre 2002 , HMRC were a preferential creditor in situations like this. That got changed in the Enterprise Act 2002 part 10 so they are treated like any other unsecured creditor. I would love to know who thought that was a good idea...!  Which means the likes of begbies can step in , charge £ 300-£ 500 PER HOUR to handle the "administration" . They ensure any available debtors monies are chased in hard , then they put their bill in and take a huge cut. - and then all the creditors (including HMRC who are ALWAYS owed one of the largest sums) get sod all...  The administrator also usually decides that the best person to take over the assets etc is the original owner and instead of opening the process to interested 3rd parties the whole lot is usually sold for a small sum on the day of the original company going into admin...  Perfectly legal of course. Not suggesting anything untoward is taking place here. Share this post Link to post Share on other sites Share this content via...
iamabigmouth   10 #84 Posted January 21, 2014 went in fancie just before Christmas. My daughter had a baby shower party in the room upstairs. I thought it was lovely and cakes were gorgeous. They presented her with a beautiful cake that came with the package deal. It was a shame we had to eat it as it looked fantastic Share this post Link to post Share on other sites Share this content via...