Inside advice from the KSA team
This is real advice we give to our clients who ask for our help.Please feel free to browse and see if any topics match your situation. Or, if you wish to speak to a turnaround expert directly about a specific issue, contact us on 08009700539 or email us at firstname.lastname@example.org. Please note that some details have been changed to ensure confidentiality. The advice below is specific to each situation; we accept no responsibility if you rely solely on this without contacting us first.
I want to dissolve the company
15-Jun-2016The company has debts of £35,000 so it is highly unlikely that the creditors (particularly HMRC) will ALLOW a dissolution. The two other options are creditors voluntary liquidation (CVL) and compulsory liquidation. If the company has no stock or assets that could cover the cost of voluntary liquidation, then either the director pays for this or the company writes to all known creditors and states it has ceased trading. This “invites” legal action to wind the company up through the High Court. If the creditors do not wind the company up then there is a..
Directors Disqualification Questions
01-Dec-2015Client Hi 10:11 am am the Director of a Development Company and I entered in to a Joint Venture with a person who is a disqualified Director. Robert Moore I see go on Client He did not disclose this information, neither did his solicitor who knew of his disqualification and my solicitor did not check on his credentials. The agreement was for him to obtain planning permission on a site that my Company owns and when planning was obtained he had the option to take up 50% Shares in my company and a Directorship. As he could not be a director his partner took up the role and 25% S..
Advice on Administration
16-Jul-2015Hello. How may I help you? Client We are close to becoming insolvent as a company. We currently are in advanced negotiations with external investors who will take a 505 stake in our business. Are we better of agreeing a CVA or going for a full insolvency and starting a new co debt free Hi, I will need to ask a few questions before establishing what is the best route to take. Do you have a number I can call you on? its sometimes a bit easier to talk on the phone, but fine to continue with the online chat if its not convenient to talk? Client Currently on a train in the qu..
CVA advice on an online chat
15-May-2015Keith F Steven Hello. How may I help you? good morning Client in a CVA what happens if a creditor has a personal guarantee from a director and insists that this is honored even if the CVA is agreed by the other creditors Keith F Steven a guarantee is just that a guarantee and the guarntor needs to pay or do a deal. This is quite common especially with new forms of lending such as Funding Cicrcle what we do is discuss this with directors and creditors. Sometimes for example 50p in £1 is paid by company and 50p in £1 by directors sorry about typing who is..
Setting up a new website from old company
20-Mar-2015Hi, my company is going through insolvency, I am trying to earn money by setting up a sole trader account. I’d like to know if we can re direct the old website to the new company. We did not own the website, our marketing company does and they said they are happy to re design and host my new site free for a year. I just want to check this is not illegal to do so? Thanks for your query. Ordinarily I would recommend getting permission from the liquidator or the Court if the transfer of the trading name was to a new limited company. Failure to so do could constitute a breach of s216..
29-Jan-2015Hi, I purchased your dissolution manual just before Christmas and I’m finding it very informative. We did speak at the time very briefly and you did say should I have any queries to send them your way. Therefore I trust you don’t mind. I’m thinking of closing a company via the dissolution route. They don’t have many creditors perhaps 5 totaling some £10,000. HMRC being one of them. The company have assets totaling approx £12,000. However the company owes the directors nearly £29,000 in start up loans they initially put into the comp..
What about creditors outside the UK
19-Nov-2014Can a CVA bind a creditor outside the UK? Yes as the law applies to the company and they owe a UK company!..
15-Sep-2014As discussed the company had a profitable past and has a viable future, it is however insolvent currently and has a large overpayment problem with a factoring company We agreed that administration, pre pack and liquidation would not generate a good outcome for any of the creditors, but a profitable business going forward could repay a percentage of those secured and unsecured debt over time. You have read the KSA CVA guide and think that that (CVA) would be an option to deal with the insolvency issues. We discussed the fact that a CVA does not normally include the secured creditors. ..
Purchasing a loss-making company
21-Aug-2014I wonder if you are able to assist. I am looking to purchase a loss making company (£1.3m historial debts) and in order to achieve the turnaround strategy, I *think* I will need to liquidate the company. In essence I need to relieve the business of some difficult contracts, such as: - (possibly) some staff - premises lease - contract car lease(s) The remainder of the assets, liabilities etc I will want to take with us to a new company. Perhaps liquidating the business is a bit drastic? Perhaps you can help? I am looking for some advice as to whether this is a legal and appropriate approa..
Venture funding from a customer
30-Jul-2014Thanks you for your enquiry today We discussed the fact that the company had been promised two tranches of venture funding from a customer. The first £147k was invested and the company infrastructure and people resources were built up to support growth. The second tranche of £120-140k, was not made available and obviously the business suffered from poor cashflow which meant targets were missed. You are the only director and want to examine all the options quickly, as you know that cash will run out and are worried that the company is insolvent. The Lithuan..