Background

The owner/manager of an engineering company brought to its knees in the credit crunch wants to help others by his experience.

David Parkinson ran his engineering business for 19 years through recessions, upturns and into the credit crunch. This was the end of the line for his business and his employee’s livelihoods. Although he had successfully steered the business through a Creditors Voluntary Arrangement (CVA), completing it in February 2009 a 90% drop in sales proved to be an insurmountable problem.

His company employed more than 100 people at its peak and sold products into the Wind Turbine Sector. The credit crunch and lack of financial support from the bank proved fatal for the business.  Although a substantial amount had been invested in development, no one expressed an interest in taking the business on.

David tried another CVA but with lack of support from the bank and concern from his creditors, the business went into administration on January 5 2010.

David has discovered first hand how banks, insolvency professionals, creditors and property owners act in these situations and has learned some valuable lessons, which he is going to share. What happens to the boss after the business fails? This is not the report of a bank boss with a huge payoff, but of the real life impact on the small company entrepreneur who faces calls on his personal guarantees and the possibility of bankruptcy.

David is determined to share his experience of CVA's, Administration and Liquidation and show how they can effect the individual.

David Parkinson comments, "I want Directors to be prepared before they talk with the 'professionals'.  Hopefully by allowing others to see what happens I can help people be prepared as 2010 continues on its bumpy way.

It is only through knowledge that that you can steer your way through such experiences to the other side."

For interviews, further information and images, please contact David Parkinson directly.