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Bankruptcy
In this episode of the podcast Gavin talks about his dealings with bankruptcy in 2017 when his successful real estate company, which he’d grown from nothing to a £65 million turnover company, failed and how he changed his life from that moment.
You can donate to Gavin’s JustGiving page for The Ocean Cleanup by clicking here: https://bit.ly/3DRZefO
Donating through JustGiving is simple, fast and totally secure. Once you donate, they'll send your money directly to The Ocean Cleanup, so it's the most efficient way to give - saving time and cutting costs for the charity.
KEY TAKEAWAYS
- I decided to work my 30s and live my 40s, work so hard that I’d have financial freedom in my 40s, so I could support a family and give them everything that we hope to give our loved ones.
- In 2017, George Osbourne – the then British Chancellor, made a tax change to the Stamp Duty Land Tax which specifically hit the homes that were looking to sell because they were worth between £2-5 million. Before you may have paid £20,000 tax on buying that house, you were now being asked to pay £200,000. It was a rash decision that people like me paid for. A week later, we finished construction, and we were ready to sell.
- My investors decided to call in their loans. We were overdue on project time. When a loan is called in you have to repay it. The investors took away my hard-earned share to line their pockets. The whole business collapsed, I was made personally bankrupt, I’m still on the universal black credit list, and they pocketed my money and still made their interest on the loan, still made their profit share plus profits from other projects and interest from the loan.
- Essentially, what went wrong wasn’t really anything to do with the investors. I was so committed to the business, I was working six and a half days a week, 16 hour days. What really needed to happen was for me to bring in other investors so that this investor didn’t have the sole authority/sway, and work on the business. I was going to do this once this project was over, but as life would have it, it wasn’t meant to be. And so started my journey of self-worth.
BEST MOMENTS
‘Know who you’re getting into bed with.’
‘Thanks to the change to SDLT people decided to stay where they were instead of buying a bigger home and building extensions or using the money to put into their kids university fund – quite rightly so.’
‘I committed everything for the best part of 8-9 years into the company. It was my baby, and it was taken away from me. What was worse was the clothes from my back were also taken from me and I was left with absolutely nothing.’
‘During Covid I had this mini epiphany that if I couldn’t affect the outside world, let’s go deep inside. It was only then that I was able to begin my journey to healing from my bankruptcy.’
ABOUT THE HOST
Gavin Scott is a born entrepreneur with a passion for start up and scale up. He has over 20 years real estate experience in investment and development.
Gavin says: Over the years I have discovered that mindset is everything. Now, that might sound obvious, but it is! You see the number of awoken minds are very few in reality. Whilst acknowledging mindset is key it is absolutely different from utilising, influencing, impacting and effecting great change, for yourself, your loved ones, friends, colleagues and the wider public.
Why?
Like most of us I have had many ups and downs. I want to share the lessons learnt and promote a better environment for all, internally and externally!
How?
Through sharing my own experiences and hosting some fabulous individuals including some big household names to discuss key topics around mindset and the success formulas I hope the listener will become inspired to create space for change for betterment in their lives. I aim to inspire change by encouragement, not by force. I intend to inspire by education, not by regulation.
CONTACT METHODS
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By Gav ScottIn this episode of the podcast Gavin talks about his dealings with bankruptcy in 2017 when his successful real estate company, which he’d grown from nothing to a £65 million turnover company, failed and how he changed his life from that moment.
You can donate to Gavin’s JustGiving page for The Ocean Cleanup by clicking here: https://bit.ly/3DRZefO
Donating through JustGiving is simple, fast and totally secure. Once you donate, they'll send your money directly to The Ocean Cleanup, so it's the most efficient way to give - saving time and cutting costs for the charity.
KEY TAKEAWAYS
- I decided to work my 30s and live my 40s, work so hard that I’d have financial freedom in my 40s, so I could support a family and give them everything that we hope to give our loved ones.
- In 2017, George Osbourne – the then British Chancellor, made a tax change to the Stamp Duty Land Tax which specifically hit the homes that were looking to sell because they were worth between £2-5 million. Before you may have paid £20,000 tax on buying that house, you were now being asked to pay £200,000. It was a rash decision that people like me paid for. A week later, we finished construction, and we were ready to sell.
- My investors decided to call in their loans. We were overdue on project time. When a loan is called in you have to repay it. The investors took away my hard-earned share to line their pockets. The whole business collapsed, I was made personally bankrupt, I’m still on the universal black credit list, and they pocketed my money and still made their interest on the loan, still made their profit share plus profits from other projects and interest from the loan.
- Essentially, what went wrong wasn’t really anything to do with the investors. I was so committed to the business, I was working six and a half days a week, 16 hour days. What really needed to happen was for me to bring in other investors so that this investor didn’t have the sole authority/sway, and work on the business. I was going to do this once this project was over, but as life would have it, it wasn’t meant to be. And so started my journey of self-worth.
BEST MOMENTS
‘Know who you’re getting into bed with.’
‘Thanks to the change to SDLT people decided to stay where they were instead of buying a bigger home and building extensions or using the money to put into their kids university fund – quite rightly so.’
‘I committed everything for the best part of 8-9 years into the company. It was my baby, and it was taken away from me. What was worse was the clothes from my back were also taken from me and I was left with absolutely nothing.’
‘During Covid I had this mini epiphany that if I couldn’t affect the outside world, let’s go deep inside. It was only then that I was able to begin my journey to healing from my bankruptcy.’
ABOUT THE HOST
Gavin Scott is a born entrepreneur with a passion for start up and scale up. He has over 20 years real estate experience in investment and development.
Gavin says: Over the years I have discovered that mindset is everything. Now, that might sound obvious, but it is! You see the number of awoken minds are very few in reality. Whilst acknowledging mindset is key it is absolutely different from utilising, influencing, impacting and effecting great change, for yourself, your loved ones, friends, colleagues and the wider public.
Why?
Like most of us I have had many ups and downs. I want to share the lessons learnt and promote a better environment for all, internally and externally!
How?
Through sharing my own experiences and hosting some fabulous individuals including some big household names to discuss key topics around mindset and the success formulas I hope the listener will become inspired to create space for change for betterment in their lives. I aim to inspire change by encouragement, not by force. I intend to inspire by education, not by regulation.
CONTACT METHODS