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Defunct dealer turns tables on advisors

Former Apple reseller turns adversity into opportunity by becoming insolvency practitioner

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Internet Security Threat Report 2014

A reseller, angry at the liquidation of his own company, has turned the tables and become an insolvency consultant. Tim Simmons was owner of Eureka and Macay Technologies, based in Maidenhead during the mid-nineties. At its height it had 80 staff and three offices, but the Apple dealer ran into problems and was liquidated. According to Simmons, the whole ordeal cost over £40,000 in insolvency practitioner fees, and a many sleepless nights. He claims he was badly advised to first go for a Creditors Voluntary Arrangement (CVA), which dragged things out for an extra year. The only person to profit from the process was the practitioner, he said. Eureka eventually went down owing around £1 million. £40,000 had been paid during the CVA, but that went to the practitioner. Last year Simmons set up The Insolvency Guidance Bureau, his own consultation business. He wanted to use his experience to show people a way out, rather than increase their debts like most practitioners. "The sole purpose of most insolvency companies is to increase their fee as much as possible. They do this by frightening you – saying you could go to prison – then adding they could help you immediately, but for a huge fee," said Simmons. "Following my experiences, I just want to show people that they can avoid being caught out by the first practitioner they come across." The dealer turned insolvency practitioner had the following advice: "Don’t panic. Think about exactly what you want to happen. Go and see a consultant, not an insolvency practitioner. And don’t worry too much – I promise you, the situation does get better." ®

Internet Security Threat Report 2014

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