Yes, you're probably quite correct, especially so at the time this took place.YiamCross wrote:Ah, those were the days. Now you won't find a bank to lend a brass farthing to a Ltd company without the directors securing it on their personal assets if the company doesn't have assets of its own. Even a small unsecured loan has to be underwritten by the directors. There are very few protections or financial advantages offered by limited companies now. Just horrendous auditing costs and lots of bloody red tape.
Unfortunately, the decision to walk away from a big deal rather than to take the risk and fund it yourself is an extremely hard one to make. People who run their own businesses tend to do so because they are confident in their own abilities and are less risk adverse than might be expected. When the gambles pay off we view them as a successful entrepreneur and if they don't we see them as failures, but in reality it is often more down to luck than judgement.