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erranta

City Fund Manager - Made Bankrupt!

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http://www.timesonline.co.uk/article/0,,145-1845816,00.html

"However, my wife and I are happy living modestly.

We now realise that money is much less important than we had thought"

My, how the mighty fall!

Good on him - for being 'honest' when humbled!

There will be many more!

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Guest Charlie The Tramp
It all started with the visit of a private detective, who arrived at our home in a slick car to present my wife with a statutory demand of payment from the gallery landlord. The same detective returned a month later to tell me that I was going to be made bankrupt by the landlord. The sum in contention was £25,000.

After the ordeal of going to court, we were then told to leave our family home of 18 years. Unfortunately, we made the mistake of not arranging rented accommodation before the bankruptcy kicked in and destroyed our credit rating, making it impossible to deal with high street estate agents. This meant that we had no choice but to move into temporary accommodation.

Well that destroys the myth that bankruptcy is an easy way out.

How many future owner occupier bankrupts believe they will just have a little inconvenience for twelve months.

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What a romantic (and crappy) notion, to give up your affluent life & start an art gallery.......I'd like to say it serves him right, but I won't because at least he was trying. There are more stable businesses to go into though.

In any economic slowdown, art galleries must be extremely vulnerable.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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