Corporate recovery advice can help individual directors whose assets may be linked to their business – it isn’t just isolated to the company’s welfare. If you are the director of a business that goes bankrupt, it could have a huge impact on you and your family. Take footballer Colin Hendry, who was recently declared bankrupt. His financial situation and business interests have been left in tatters, as have the effects it has left on his family. Could he have avoided this or at the very least reduced the severity of its impact with sound insolvency advice.
Ex-international footballer Colin Hendry was confirmed bankrupt despite huge personal wealth and many successful business interests. The prospect of bankruptcy and financial difficulty is not limited to businesses and individuals of lower incomes and turnover, sometimes the more you have, the greater the risk of loss. For businesses, if issues are addressed early on and they are not left to spiral out of control, as in the case off Hendry, corporate recovery can mean the difference between future or failure.
Ex Rangers player Hendry made millions across his high profile career. It was confirmed that he owes around £2.2 million to the taxman and other creditors, some of whom are family and friends. He had established 3 successful businesses in as many years and now has only a very frugal £250 credit limit at the bank.
He admitted to the courts that gambling had played a large part in his financial problems and the bad habits began soon after the death of his wife, who died after a plastic surgery procedure went wrong. Hendry struggled to cope with her death and his gambling quickly spiralled out of control. He owes Spreadex – an online gambling company over £30,000. They have now filed a bankruptcy petition against the footballer which is to be held at Blackpool County Court. This is just a tiny portion of what the player owes in gambling and taxation debts.
tri group deals with a whole host of issues that pertain to the circumstances of businesses and individuals when we are providing insolvency advice. It doesn’t matter what caused the financial troubles but how corporate recovery or individual recovery are tackled to get over the issues and tri group are experts in this field.