Phil MeekinView Profile
A person can look forward to a fresh start. Just like Walt Disney, they can look at achieving their dreams and ambitions. Call us for financial advice.
“You may not realize it when it happens, but a kick in the teeth may be the best thing in the world for you”.
In the early 1920’s, Mr Disney was starting out on the creation his movie legacy. Suddenly one of his main clients went bankrupt leaving the iconic film producer with no alternative but to go bankrupt himself. He battled through his financial difficulties, and the rest as they say is history.
I comment on this historical news in light of recent revelations about famous people having debt problems and insolvency issues. Martine McCutcheon is one of the most famous people in recent times to take financial advice and go down the bankruptcy route. At the height of her stardom, she was reportedly worth £1.5 million. However, recently she had to enter a state of bankruptcy after owing the HMRC and her bank a reported £185k.
Voluntary bankruptcy is a big step and a very important decision to make, so getting the right financial advice is imperative. Although, it is not as daunting a prospect as it used to be. This is due to the help and advice that is available. Nevertheless, bankruptcy can prove to be a very worrying time for the people concerned.
Mr Disney is proof that bankruptcy is not a new phenomenon! If you are suffering financial difficulty and bankruptcy seems the only option, remember you are not alone. You will not be the first, and certainly will not be the last to go down the insolvency route. Recent reports state that four people every minute go bankrupt worldwide. So for the near future, that statistic can only get worse.
Voluntary arrangements with creditors are commonly used as the last stages of preventing bankruptcy for an individual, although sometimes this is not always the best solution for the debtor. Voluntary arrangements are an option that should to be explored. There are many Insolvency practitioners around offering their services such as Wilson Field Ltd.