Andrew has been a self-employed farmer for the whole of his working life, having previously worked with his Father, in the production and supply of eggs. His current income is generated from various aspects of the current farm business, which includes the sale of livestock, farm shop, and tea room.
Andrew’s financial difficulties began in the late 1980’s when the industry suffered reputational damage as a result of inappropriate comments by a government Minister, concerning the risk of salmonella. As a result, egg sales in the UK plummeted. This, coupled with increases in interest rates, and the death of his Father, had a devastating impact.
In order to combat these challenges, Andrew diversified and slowly built up a successful business. In subsequent years the farming industry has been hard hit by other well publicised crises. Although he, and his family, worked tirelessly to overcome them, the business accrued significant liabilities which simply could not be met.
Andrew sought advice from The Business Debt Advisor, and was counselled as to all of his options. It was agreed that it would be beneficial for Andrew (and his creditors’) for him to enter into an IVA.
The proposed terms of the IVA provided for Andrew to make an affordable monthly contribution from surplus trading income, and to introduce a lump sum from the sale of land. It was anticipated that this will ensure repayment of creditors’ in full.