Not getting paid and paying for materials?

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Roger928 said:
Boss man borrowing money from the bank now. Looks like he's on the ropes.
New jobs have dried up and no deposits to keep him afloat.
Owes me nearly 3 grand. Another guy is owed about 10 grand.
Another 2 houses just finished and the client has missed two payments. 80k owed and 70k on another job completed 6 months ago.
One supplier has just billed him for 60k and will likely refuse any more materials unless a substantial payment is made.
Bizarrely he has started to make payments to the taxman instead of declaring his business bust.
Taxman demanding 200k.
Click to expand...

He probably wont get additional borrowing without signing personal guarantee or charge on mortgage.

Many builders merchants insist on personal guarantees for credit accounts.

Lets hope he has no assets in his name, or he will lose everything.
 
Notch7 said:
Lets hope he has no assets in his name, or he will lose everything
Click to expand...

He has no assets apart from a dodgy telehandler and a chinese forklift and his home possibly though I think it's in his wifes name. He sold his old factory shed to his daughter and rents it back for 5k per year.
His situation has been precarious for a few years but now that he has started with holding my wages I'm getting a bit concerned.
 
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