sheep in the meadow


A Transgression of the Recession
This month's copy isn't orientated around how lovely it is living in Cornwall and our fluffy, idyllic lives; I want to put into perspective that the reality is precisely the same for us as many other trying to make a living in tough times.

A thick white A4 envelope came in the post with 'private and confidential' printed on the, it wasn't a circular selling Inheritance Tax advice....but a wodge of paper with 'TO ALL CREDITORS' across the top. It was the first, and let's hope the last, of our clients to be chewed up and spat out by the credit crunch. This client is, I should use the past tense now, was, a successful building developer, who for many years has provided nearly 500 sensibly priced homes for families across the county. The most recent project of 29 apartments, some of which are for local needs, had 21 sold or reserved, most of which are near completion and ready for occupation, and guess what? The bank called in the loan!

Subsequently, all worked has stopped, the buyers are in limbo, many local firms and individuals are creditors and skilled tradesmen have been laid off and the site has since been boarded up and where should have been sympathetically-designed homes in a lovely leafy road, the area looks like the arse end of a slum.

accountants charges

We understand that once the business is wound up there will be zilch left for flotsam and jetsam unsecured creditors... there wouldn't be would there while the accountants are paying themselves £611 an hour for partners, £406 an hour for managers and £220 an hour for stamp lickers. The charge out fee for the first month of the 'administration' process came to a glorious total of £109,155, and that doesn't include expenses. If you think I'm inventing this, I wish I was, click the image to see the proof!

I'm writing this on the first day of the G20 meetings in London where banker bashing is threatened as the new pastime, however, I would suggest looking a little deeper at the accountants lurking in the shadows like maggots in a rotten apple; they can't be seen but are greedily munching on the tasty parts. For us and many similar businesses, its more than our own income lost, it's a potential of future income flushed down the pan. Anyone care to take a bet on who will NOT be out of pocket?

email to a friend Email this page to a friend

Home | About Us | Previous | Ramblings | Contact | What You Say | Calligraphy | Links | Copywriting | Sitemap