+ Bookmark This Page    
Preferences  |  1:39 PM
  1. Home
  2. Latest Press Releases
  3. Submit Press Releases
  1. PR Home
  2. News Archive
  3. By Category
  4. By Location
  5. By Date
  6. By Tag
  7. Newsletter
  8. 40,000 RSS Feeds
  9. Submit Free Press Release
   
Filter News
Show All Results

Show Filtered Results

Category
- Marketing (x)

Country
- United Kingdom (x)

State / Province
(To see all states,
remove category filter)


City / Town
Select State First

Even Celebrities Aren't Recession Proof!

The recent spate of insolvencies involving high profile media figures just goes to show that even celebrities are not immune to the recession, says Mark Gardner, insolvency and debt recovery expert at Latimer Hinks Solicitors.
 

FOR IMMEDIATE RELEASE

PR Log (Press Release)Mar 18, 2009 – The slump in the property market has forced one of the businesses owned by property expert and presenter of Channel 4's Location, Location, Location, Phil Spencer, into administration as well as a business owned by Anthea Turner and her husband Grant Bovey.

Meanwhile, TV chef Anthony Worrall Thompson has blamed the squeeze on lending by the banks as the reason for the closure of four of his six restaurants.

While some will have little sympathy for the rich and famous whose bubbles may have suddenly burst, whatever the reasons for the collapse there is a knock-on effect for ordinary people in the street.

Mark, who is a partner at the Darlington-based law firm, said: “The well-known figureheads of these companies continue to grab the headlines, but arguably it is their staff and suppliers who suffer more. They are unlikely to have personal properties worth millions.

“Being forced into administration is, of course, disastrous for the owners of that particular business, but the situation is also bound to cause a ripple effect through redundancies, loss of orders for suppliers and money owed to various creditors – including the very people that have worked so hard to make that business a success – the staff and suppliers.”
Some sectors of the market are going to be badly hit – either because people lose their jobs or bonuses, or simply now realise that they have been living way beyond their means.

Mark warned businesses dealing with those sectors of the market that they need to be conscious of the risks they run.

He said: “They need to make sure that they stay on top of the bills owed by businesses, consider restricting credit terms, watch for danger signs when they deliver to premises and most fundamentally never give more credit to all their customers than they can afford to lose in a worst case scenario.

“Businesses also need to consider their terms of trade, retention of title clauses and make sure they know when and how to incorporate them into the arrangements. They should also not be afraid of taking swift legal action to recover sums due.  

“Hopefully it will never happen to them. In this climate, however, everyone is going to have to face these issues.

“Business owners have to realise that too many insolvencies and they will find themselves in the same mess as these celebrities, but without the million pound mansion behind them or the savings to buy back some of the assets.”

# # #

About Latimer Hinks;
We have a team of over 50 people, serving private and corporate clients throughout Teesside, South Durham, North Yorkshire and beyond. Our team operates in specialised but integrated departments, providing a wide range of services. All areas of service are headed by qualified legal professionals with extensive relevant experience


To embed this press release, copy and paste the following HTML code into your webpage-
# # # Click to see PDF Version of this Press Release

Email to a Friend       Previous News   Next News


Email Contact:Click to email (Partial email =  @latimerhinks.co.uk) Email Verified
Issued By:Latimer Hinks Solicitors
Phone:01325 341500
Address:5-8 Priestgate, Darlington, DL1 1NL
City/Town:Darlington
State/Province:Durham
Zip:DL15 9GD
Country:United Kingdom
Categories:Finance, Bankruptcy, Legal
Tags:recession, bankruptcy, insolvency, anthea turner, location location location, phil spencer, latimer hinks
Last Updated:Mar 30, 2009
Shortcut:http://prlog.org/10187632

Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog.Org can't be held liable for the contents of the press releases.   Report Abuse


Upcoming Press Releases...


Most Viewed Weekly

“Biggest Loser” Contestant Turns to PlasticSurgeryPortal Doctor to Complete Makeover - 1518 views

Empire Medical Training Newly Updated Dermal Filler Injectable Courses & Certification Programs - 1350 views

Ireland Budget 2010 Hits Welfare, Child Benefit & Public Sector Pay - 1121 views

Tesco HSC conferred with the prestigious “Udyog Rattan” and “Excellence” Awards - 938 views

BITS Pilani Worldwide Run for BITS2Marathon - 636 views


Daily News!

Internet Marketing Firm Bayshore Solutions in Top 20 of the 100 South Florida Small Businesses

Dermatologist Dr. Marcy Street Discusses Facts and Myths about African American Skin Care

Keyed-Up Motorsports In NASCAR Sprint Cup Series Launches New Website

Oshyn, Inc. Explains Sitecore’s Advantages in Social Media and Interactive Web Content Management

Going Green in 2010 - report from Car Buyers' Guide

Previous   Next

Mar 18, 2009 News

Mar 2009 News

Are you a Journalist?

For Businesses ...

Tutorial on Free Marketing


December 2009
Fr Th We Tu Mo Su Sa
11 10 9 8 7 6 5
4 3 2 1
November 2009
30 29 28
27 26 25 24 23 22 21
20 19 18 17 16 15 14



  1. SiteMap
  2. Contact PR Log
  3. Privacy Policy
  4. Terms of Use
  5. Copyright Notice