Have you been rejected by Northern Rock?

[Beechy]

There must be significant issues with NR or the people looking to buy the business would not be looking for the long the guarantees from the Government .
I agree that some on the proposed bidders may be looking for a quick profit.
If the business had a decent debt book some other financial institution or investment company’s would have surely taken up the opportunity to see the value.
There has been much chastising of fund managers buying businesses, splitting them up and make profit. To the extent that the Government is reviewing the tax breaks to these companies..
Generally when you look at a business you look at the assts and liabilities if the assets are greater than the liabilities you have room for progression.
Add to this some positive cash flow ( which, at the time of review may not be there but with reasoned thinking can be attain) there could be a chance of saving the business.
As to the view NR take to IVA’s in the future, who knows but at some stage some one will challenge the Bank (Government) if they continue to adopt a none compliance with the banking code.
I think that the Government will try to work to clean the debt book up, take the losses and release the bad debt figure on a busy news day
In the short term the NR will have management change as indicated in the press recently with the likely appointment of a new Chairman, who is already reported to have found a new Financial Director.
The likelihood is that the business will be nationalised, will cost the tax payer money and those who have benefited from the rapid growth, good salaries and bonuses will move on to their net job.
Some may call me cynical, my self I think a realist

Who knows no could be a good time for all the people who have had IVA's rejected by NR to seek advice

Dave Beech