another company goes bust
Discussion
sadly this one's my dad's. just had a call from mum saying they let everyone go yesterday [about 6 workers] and have ceased trading. going to ring him when i get home but trying to find the words at the minute.
all this comes close on the heels of him being screwed over by an ex-director who was embezzling and had to 'fess up to the VAT man, leaving a 6 figure sum to pay.
parents at least have no mortgage but mum retired and this was their main income. feeling really s
tty as though the outlook isn't good here my job is 99% secure with good prospects. growing up sucks.
good luck to those out there running sme's.
all this comes close on the heels of him being screwed over by an ex-director who was embezzling and had to 'fess up to the VAT man, leaving a 6 figure sum to pay.
parents at least have no mortgage but mum retired and this was their main income. feeling really s
tty as though the outlook isn't good here my job is 99% secure with good prospects. growing up sucks. good luck to those out there running sme's.
My dad started his own business in the early 90's, then at the height of the recession it all went very wrong and he had to cease trading.
Absolutely gutting, he was unemployed for about 3 months, risked losing family home (my bro and I were 10 and 12 at the time) and times were particularly tough.
However, someone that's had the nouse to get their own business running will certainly have the drive and energy to find something else and - like my dad - make a success all over again.
Good times will come, and make sure your dad realises it may not be the end of the world just yet.
Dads are brill - remind him of that too
Absolutely gutting, he was unemployed for about 3 months, risked losing family home (my bro and I were 10 and 12 at the time) and times were particularly tough.
However, someone that's had the nouse to get their own business running will certainly have the drive and energy to find something else and - like my dad - make a success all over again.
Good times will come, and make sure your dad realises it may not be the end of the world just yet.
Dads are brill - remind him of that too
shirt]sadly this one's my dad's. just had a call from mum saying they let everyone go yesterday [about 6 workers said:
and have ceased trading. going to ring him when i get home but trying to find the words at the minute.
all this comes close on the heels of him being screwed over by an ex-director who was embezzling and had to 'fess up to the VAT man, leaving a 6 figure sum to pay.
parents at least have no mortgage but mum retired and this was their main income. feeling really stty as though the outlook isn't good here my job is 99% secure with good prospects. growing up sucks.
good luck to those out there running sme's.
It is indeed a crap time - SME's seem to be completely forgotten at the moment.all this comes close on the heels of him being screwed over by an ex-director who was embezzling and had to 'fess up to the VAT man, leaving a 6 figure sum to pay.
parents at least have no mortgage but mum retired and this was their main income. feeling really s
tty as though the outlook isn't good here my job is 99% secure with good prospects. growing up sucks. good luck to those out there running sme's.
Not big enough to care about, small enough to be beaten about by the banks, ignored by the bigger companies ..
You have my sympathies.
cheers for that tony [and for others kind words].
just feel so sorry for him as he keeps getting kicked in the nuts when things start looking up.
he lost his job in the mid 90's as the firm he worked for went under amid fraud allegations. he was well placed to start up on his own to plug the gap created by this collapse, so took out another mortgage on the house just as i was starting uni. in order to go it alone.
first premises was the size of our garage, but one of the former firm's directors joined him and things looked good. that is until dad found out said director had been forging his signature on company cheques and finance deals. no prizes for guessing those original fraud claims subsequently proved true.
dad did some legal shuffling and managed to keep the company but none of the debt, so merged with another local firm. it was the director of this firm who shafted him this time. the VAT he owed from this was about £120k, so imagine the scale of the fraud involved over 5-6yrs.
this recent episode almost broke him but he started again and was halfway through paying the debt and rebuilding the business only to find demand isn't there. afaik he has maxed the company overdraft just to reach this point, and thus is left with fk all for over a decade of hard work and long hours.
really really feel for him. have been moaning about my mortgage and my st car and here he his at 60yrs old in a worse position than his 27yr old son 
just feel so sorry for him as he keeps getting kicked in the nuts when things start looking up.
he lost his job in the mid 90's as the firm he worked for went under amid fraud allegations. he was well placed to start up on his own to plug the gap created by this collapse, so took out another mortgage on the house just as i was starting uni. in order to go it alone.
first premises was the size of our garage, but one of the former firm's directors joined him and things looked good. that is until dad found out said director had been forging his signature on company cheques and finance deals. no prizes for guessing those original fraud claims subsequently proved true.
dad did some legal shuffling and managed to keep the company but none of the debt, so merged with another local firm. it was the director of this firm who shafted him this time. the VAT he owed from this was about £120k, so imagine the scale of the fraud involved over 5-6yrs.
this recent episode almost broke him but he started again and was halfway through paying the debt and rebuilding the business only to find demand isn't there. afaik he has maxed the company overdraft just to reach this point, and thus is left with f
k all for over a decade of hard work and long hours. really really feel for him. have been moaning about my mortgage and my s
t car and here he his at 60yrs old in a worse position than his 27yr old son What an absolute shame to hear. Like you say, you're there worrying about your mortgage and it somewhat puts it into perspective.
All you can do right now is stress to your dad how great he is - he's your dad, he's been there for you through thick and thin and he's one of the most important things in the world to you - make sure he knows that
All you can do right now is stress to your dad how great he is - he's your dad, he's been there for you through thick and thin and he's one of the most important things in the world to you - make sure he knows that
Hoppy2008 said:
Sorry to heear that mate, Im a bit concerned for my old Mans company at the moment too. His one survived the last recession so Im hoping it will this one too.
btw, what does SME stand for?
Small Medium Enterprise, business of less then er cant remember how many but certain number of employees. btw, what does SME stand for?
kit80 said:
Hoppy2008 said:
Sorry to heear that mate, Im a bit concerned for my old Mans company at the moment too. His one survived the last recession so Im hoping it will this one too.
btw, what does SME stand for?
Small Medium Enterprise, business of less then er cant remember how many but certain number of employees. btw, what does SME stand for?
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