What is MABS?

P

patrik

Guest
Excuse my ignorance,but i've just come accross this site and was reading some of the posts.
One in particular made reference to "Mabs" in relation to seeking help on finances, in particular moneys owed to banks, lease agreements etc.
My friend and i set up a ltd company which didn't work out, we both re-mortgaged to start the company, and used all of our savings.
Since shutting down (almost 6 months ago) we arranged a 10year term loan of €65k to pay the companies overdraft, additional borrowings, creditors etc.
Now our backs are to the wall and we still have BOS lease's for comp.system, and vans along with some personal loans we simply cant pay.The net is closing in and we know things are going to get nasty soon.
We're not trying to run and hide, but simply can't pay what we don't have.
Any help or suggestions would be greatly appreciated, and any information on this crowd "Mabs"


Some of the posts here seem excellent, hopfully i might find help here, and who knows, if i can come out the far end of my own predicament, may even be able to help someone!

Thanks in advance
 
Re: what is Mabs ?

www.mabs.ie

Note that they mainly (solely?) deal with personal rather than commercial/business finance issues as far as I know.
 
Thanks,
It might not be any harm to talk to them, lets just say i need all the help i can get.
 
I heard their man on Morning Ireland this am at about 8:50. He sounded very sensible.
 
Chances are they will concentrate on the aspects of such a case that impinge on one's personal finances/situation. No harm in contacting them of course. Let us know how you get on. Have you tried coming to a partial settlement with your creditors? Often they will be willing to take something rather than taking the chance of calling for a wind-up and maybe getting nothing (because there is nothing left or only enough for preferential creditors)? Have you obtained advice from your accountant on this issue?
 
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