Feeds

Defunct dealer turns tables on advisors

Former Apple reseller turns adversity into opportunity by becoming insolvency practitioner

  • alert
  • submit to reddit

Intelligent flash storage arrays

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." ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Spies, avert eyes! Tim Berners-Lee demands a UK digital bill of rights
Lobbies tetchy MPs 'to end indiscriminate online surveillance'
How the FLAC do I tell MP3s from lossless audio?
Can you hear the difference? Can anyone?
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.