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27-06-2018, 12:12   #1
Boards.ie: Niamh
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Now Ye're Talking - to a Bankrupt Student

Our next guest was self-employed running his own business for a time but was declared bankrupt earlier this year.

He has had to restart his career and is now in full time education in his mid 40s.

He is here to answer any questions about his bankruptcy or returning to education as a mature student.

Last edited by Boards.ie: Niamh; 27-06-2018 at 12:17.
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27-06-2018, 12:16   #2
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@Boards: Could we not get a bit more detail in the opening posts of these, even a paragraph?

@AMA: In the absence of the above:

(i) What type of business did you own?
(ii) How many employees? Did you have to let many of these go? If so, how did you handle it?
(iii) Was business ever good? If so, what contributed to the downfall? How much of it do you feel was within your control vs what was out of your control?
(iv) What would you do differently if you could?
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27-06-2018, 12:40   #3
Gloomtastic!
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There but for the grace of God! Who'd be a student these days?

Hello OP,

I've been involved in a business that was really struggling at one stage - big guys with baseball bats sent to try and get money out of us.


Why did you go into the business you were in?
What was your two biggest mistakes in business?
What was your lowest point?
Was it your decision to close or was it the banks?
What have you learnt from your experience?
Are you studying something similar to what you were involved in or is it completely different field? Why did you choose that field?

Good luck to you and hope this AMA is of benefit to you.
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27-06-2018, 12:52   #4
I'm a bankrupt student, AMA
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Quote:
Originally Posted by JaMarcus View Post
@Boards: Could we not get a bit more detail in the opening posts of these, even a paragraph?

@AMA: In the absence of the above:

(i) What type of business did you own?
(ii) How many employees? Did you have to let many of these go? If so, how did you handle it?
(iii) Was business ever good? If so, what contributed to the downfall? How much of it do you feel was within your control vs what was out of your control?
(iv) What would you do differently if you could?
Hi everyone.
I will try to answer all questions but would prefer to be discreet about who I am.

I owned a small convenience store in the Dublin area. I employed upto 14 people at the peak but when the recession hit, business just stopped. Most of what happened was out of my control. I don't think there was much I could have about it really.
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27-06-2018, 12:59   #5
I'm a bankrupt student, AMA
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Originally Posted by Gloomtastic! View Post
There but for the grace of God! Who'd be a student these days?

Hello OP,

I've been involved in a business that was really struggling at one stage - big guys with baseball bats sent to try and get money out of us.


Why did you go into the business you were in?
What was your two biggest mistakes in business?
What was your lowest point?
Was it your decision to close or was it the banks?
What have you learnt from your experience?
Are you studying something similar to what you were involved in or is it completely different field? Why did you choose that field?

Good luck to you and hope this AMA is of benefit to you.
The business I bought was a management buyout. I had worked in the place for about 10 years.

My biggest mistakes was not being firm enough and allowing people to make demands when a big fat NO should have been given, and the second, doing things by the book.

My lowest point was when I had to let some very good staff go, but I had no choice.

The main thing I learnt was don't work for yourself, there is a lot to be said for finishing work and walking away.

I am studying something completely different as a new start.
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27-06-2018, 13:00   #6
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Originally Posted by I'm a bankrupt student, AMA View Post
My biggest mistakes was not being firm enough and allowing people to make demands when a big fat NO should have been given, and the second, doing things by the book.

What kind of demands were they making?
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27-06-2018, 13:03   #7
I'm a bankrupt student, AMA
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Not really.
I was a cash business with very little credit
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27-06-2018, 13:15   #8
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Do u.... Swing in your spare time at all?
(just kidding I'm referring to a previous AMA thread!)
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27-06-2018, 13:17   #9
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What kind of demands were they making?
Good customers who, at weekends got valuable supplies from me, but required deliveries all week which cost more to do than it generated.

People demanding levels of service provided by multinationals, who did not understand I was a small local operator. Stuff like that
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27-06-2018, 13:17   #10
I'm a bankrupt student, AMA
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Do u.... Swing in your spare time at all?
(just kidding I'm referring to a previous AMA thread!)
Think the wife may have an issue with that!
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27-06-2018, 13:21   #11
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Graduated mature student here - do you find rejuvenated hope from returning to education?
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27-06-2018, 13:25   #12
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When you say doing things by the book what do you mean?
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27-06-2018, 13:35   #13
Ubbquittious
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Originally Posted by I'm a bankrupt student, AMA View Post
Good customers who, at weekends got valuable supplies from me, but required deliveries all week which cost more to do than it generated.

People demanding levels of service provided by multinationals, who did not understand I was a small local operator. Stuff like that

Did you ever have problems getting paid or was it strictly up-front payment?


How did you end up doing it for less than cost price, did you not ask enough or did they haggle down the price on you?
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27-06-2018, 14:17   #14
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What does becoming bankrupt mean - is it something you decide or the bank tells you you are now bankrupt? I have a vague idea of how it works but some info from someone who has gone through it would be interesting.

You mentioned that things started to go downhill when the recession hit but you were only declared bankrupt this year - that was a long stretch in betweem, was it a relief when it finally happened and you could walk away from the business?
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27-06-2018, 14:24   #15
minikin
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How have you funded your return to education?
Get any grants / supports from the state?
My understanding (as a currently self employed person) is that the system automatically says no.
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