We had a serious problem with accounts receivable, and were forced to (1) write off thousands of pounds of bad debts, when one of our customers went bankrupt and was
2) wound up by the receiver. If the managing director hadnt (3) put up some of his own money, the company could have been (4) wiped out . For a time, it looked as if we were going to (5) go under. We were on the brink of bankruptcy. It became clear that we hadnt 6) ploughed back enough of our earnings into the company, or (7) built up enough reserves to
8) deal with such a situation. You often read about one bankruptcy (9) bringing about a chain of others well, it nearly happened to us.