Case Study

Bonsers had been a long established retail outlet in the centre of Newcastle selling camera’s and photographic equipment. Peter and Vivien Robinson came to us for advice as turnover was continually dropping whilst on-line competition was increasing.

In Peter’s own words…“We had a meeting with John Shepherd at the Darlington office who after explaining about Robson Scott, went through our situation, looked at the figures and talked about our personal situation noting that I am close to retirement and not as fit as I used to be. We decided that voluntary insolvency was probably the best way out of our situation as the alternative of borrowing more money with no realistic hope of an upturn in trade was foolhardy .

John outlined what would happen if we went ahead and explained the costs and how it would be financed. We arranged a further meeting with John and Eamonn Wall for a week later and arranged to send to Robson Scott copies of the accounts and financial information etc. to go over prior to this meeting.

At the second meeting, after going over things again and answering any queries we set things in motion to put the firm into voluntary liquidation with a closing date of January 5th. We felt a huge weight had been lifted from us. We did everything we could to maximise sales over the Christmas period to realise the most amount possible for creditors. We kept in touch with Robson Scott on a daily basis with sales figures and any further information they required like staff details.

The shop closed on Saturday 5th January and on Monday 7th January 2013, one of Robson Scott’s staff attended the shop to speak to the staff regarding any queries they had regarding redundancy and to hand over keys to the representative of the liquidators who were to take the stock away to sell. Robson Scott also took away paperwork and the computers to deal with any queries that could arise in the future.

Robson Scott dealt with the supplies, utilities, equipment leases and the bank. We had a few queries to discuss, but there was virtually nothing further for us to do. They also dealt with the redundancy payments for the staff and Viv and I.

The bank overdraft is the one outstanding issue, as I had signed a personal guarantee for this. Robson Scott have put us in touch with a company that deals in negotiating with the bank and they can usually manage to reduce the amount to be paid, so I am hopeful this will happen in our case.

The creditors meeting was held on January 22nd at Robson Scott’s Darlington office, as often happens it was a formality of signing the necessary papers and being assured that if there were to be any issues in the future we were just to contact them. Eamonn has kept contact with me since to check how things are going with the bank negotiations.

Whilst I regret ending up in a situation where the business we worked so hard to build up has gone, the winding up has been as painless and stress free as possible. As with so many things in life it pays to use a specialist firm.”