Case Studies for Individuals

Telephone: 01924 263777

"We have exclusively used Booth & Co for all our clients’ insolvency work for around 6 years and cannot praise Phil in particular enough for his professionalism, knowledge and personal skills when dealing with our clients in what can be very difficult financial and emotional times.

From the initial phone call to get Phil involved on a case, I know the client is going to be in safe hands and will receive the right advice for their specific circumstances. Communication is always prompt and clear and the feedback I receive from clients is always “you were right about Phil Booth, I’m glad we had that meeting”.

We look forward to working with Phil and the rest of his team well into the future."
Paul Hendley, Cartwright & Co Accountants, Barnsley

Individual Voluntary Arrangement (IVA): London Property Developer and Professional Landlord

• The client was referred to us after they had been advised by a different Insolvency Practitioner that an IVA would not be viable.
• The client owns 8 properties in London and 2 more properties that were subject to Fixed Charge Receiverships. The total unsecured creditors were £436,052 in the Statement of Affairs.
• The IVA was successfully agreed in November 2011 and a Bankruptcy Petition against the Debtor was dismissed as a result.
• The IVA was varied in 2013 to take into account higher than anticipated claims following shortfalls from the Receiverships. Total claims received are £555,495.
• Dividends totalling 6.5p in the £ have been made, with another distribution to be made shortly.
• The IVA contributions are up to date and the IVA is on course to achieve the agreed 17p in the £. The Debtor has also been able to retain all 8 remaining properties and avoided any further Receiverships or repossessions.

Bankruptcy: Yorkshire based individual

• We were appointed on this Bankruptcy by the Secretary of State on November 2011. Total assets of £35,557.39 were quickly realised. The monies realised represents the Debtor’s interest in a jointly owned property.
• The petitioning creditor’s costs were negotiated down from circa £9,000 to £3,000.
• A challenge from the joint owner of the property for a greater share of the monies in the property was defeated.
• A distribution was made to unsecured creditors of 28.3p in the £.