Posts Tagged ‘recession’

First encounter with the recession

Friday, May 8th, 2009

In the last week I’ve encountered my first real taste of the recession. One of my clients went into receivership and liquidation last Friday owing me $18,000 and it’s unlikely that I’ll be getting anything once they’ve liquidated their assets and paid off their secured creditors, etc. And to make matters worse I’ve had to pay around $5000 tax on it because a large portion of it was declared as earnings in the last financial year. I can’t claim that tax back until I can prove beyond doubt that I’ll not receive the money owed to me which will take at least a year.

Still, I have my health, my family, my friends and my home. And it’s only money at the end of the day.