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CompanyRescue Birmingham Website Launches

Struggling Birmingham or West Midlands Business?

Want fast, accurate, understandable information and to meet someone in Birmingham free of charge?

KSA CompanyRescue is a national firm of turnaround and insolvency experts who can help your Birmingham company today. Whether you need to rescue the business with a company voluntary arrangement, liquidate the company, use a pre-pack administration or raise finance, we can help.

Gordon Boden (l), Russell Mallen (r) and Keith Steven are on hand to assist all West Midlands companies, partnerships, LLP's or soletraders with turnaround and insolvency advice, from our Sutton Coldfield offices.

End those sleepless nights, call for advice now, we will lift the pressure.

Whether you need to rescue the business with a Birmingham company voluntary arrangement, or liquidation for a Birmingham company, or you need a Birmingham pre-pack administration, Birmingham receivership or even raise finance, we can help.

This web site is linked to the much larger, national website http://www.companyrescue.co.uk/ and it is not the intention to provide the highly details content here that that site has. Indeed our parent site has over 500 pages of detailed, quality information in plain English -what's more its FREE and easy to use.

If you would like professional advice on your company's problems please use our free number 0800 9700539 or call 0121 378 0671. Alternatively you can send an email to us on info@companyrescue.co.uk.

Once we have established whether we can assist you, we are happy to meet any Birmingham or West Midlands business free of charge for a detailed assessment meeting with the board.

This is then followed by a detailed written report on the options available to your company, there is no charge for this report. All we ask is that you provide accounts.

This meeting is usually best held at your premises, so we can understand your business, but if you prefer we are happy to meet you at our offices in Sutton Coldfield, there is NO CHARGE.

KSA are licensed insolvency practitioners (IP's) and our IP's are licensed by the Insolvency Practitioners Association. We have over 20 advisors ready to help you now.

Why not call now and ask for Russell Mallen or Gordon Boden?

KSA Group Ltd
Company Rescue Birmingham
2 Snow Hill
Birmingham,
B4 6GA
Tel: 0121 378 0671

Birthdays goes into Administration, 323 stores and 2000 jobs at risk.

See my Blog entry from February predicting the end of the line for greetings card retailers.

Seems that Clinton Cards does have serious problems putting its 223 store chain Birthdays into administration today.

Guess the directors might send a get well soon card?

Seriously though who would buy this chain losing £7m per annum, 323 high street, high rent stores? One has to question why it was put into trading administration.  

For a more detailed guide see this page: Going into administration

Case Study - Futuremedia plc – CVA for a UK plc Quoted on a US Stock Market

A very interesting Case Study on many levels Click here for the full text.

Many private equity, hedge fund or venture capital backed companies could benefit from this innovative company voluntary arrangement approach

The CEO of Futuremedia plc has kindly written this about KSA and yours truly on Linkedin:

From:
George O'Leary
Date:
May 14, 2009
To:
Keith Steven
Status:
Viewed

Dear Keith,I've written this recommendation of your work to share with other LinkedIn users.Details of the Recommendation: "Keith and his team did a fantastic job getting our company with a very complex financial situation (connected CVA's, secured creditors, unsettled litigation, public company) approved for a CVA with 100% favourable vote from our unsecured creditors and 93% vote from Shareholders. Very impressive result, outstanding knowledge of the process (industry expert) and extremely creative solutions to get the connected CVA's approved. Highly recommend Keith and his firm Company Rescue (KSA) to help with you company's financial issues." Service Category: Business ConsultantYear first hired: 2008Top Qualities: Great Results, Expert, Creative

Recession fuels KSA’s Growth!

Recession fuels CompanyRescue, Administration, Liquidation and KSA’s Growth!

KSA Group is delighted to announce that Eric Walls of Marlor Walls has joined KSA Group as Turnaround and Insolvency Director from 1st May 2009. Eric and his team will now be able to provide high quality insolvency advice to our clients across the UK.

KSA Group can now offer a full range of liquidation and administration advice to our clients as well as our famous turnaround and CompanyRescue company voluntary arrangement expertise, from three KSA offices across the UK. This is supported by www.companyrescue.co.uk the biggest online source of help and support for troubled businesses.

Eric’s insolvency team will be based in Gateshead and London. Keith Steven will continue to be based in Tower 42 offices in London. KSA’s head office will remain at Berwick. Alan Marlorwill also join KSA Group as a consultant providing his decades of insolvency experience to the KSA team and its clients, on a part time basis.

Keith Steven, managing director of KSA Group said, I am delighted to welcome Eric, Alan and their team to KSA. Being able to offer in house insolvency advice is something we have planned for some time. Our ethos is always going to be “CompanyRescue” but there are times when businesses are simply not viable and cannot be turned around.

We can now quickly and professionally liquidate insolvent companies and restructure very distressed businesses through administration and CVAs. Pre-pack administrations have recently attracted adverse publicity and are currently in the regulatory spotlight, but innovative CVAs can be used in many such situations.

We are recruiting additional insolvency practitioners and hope to announce a further appointment in the next few weeks.

KSA is passionate about rescuing viable businesses but also offering the right advice to worried directors and creditors. We will continue to build our online business support service at www.companyrescue.co.uk and publish more valuable plain English guides free of charge in this recession period.

Too many viable companies will fail in this recession and KSA Group is determined to help as many people as possible with rescue, turnaround and insolvency advice.

CVAs - even Alistair Darling likes them and wants to see more, announces more policing of Pre-pack Administrations

In the recent budget Darling mentioned that the CVA moratorium facility, currently only available to small companies, may be made available for all companies medium or large. Passing comment that the Government wants to see further the rescue culture develop further with priority funding for CVAs and administrations.

Darling's report contains these interesting sections:

The Government will work to ensure that the regulations and procedures for dealing with troubled companies work to facilitate company rescues whenever they are appropriate, that the maximum economic value is rescued from companies that get into difficulties, and that the knock-on effects of company insolvencies on their creditors are minimised. Budget 2009 announces that the Insolvency Service will consult on:

Providing for new funding lent to companies in Company Voluntary Arrangement (CVA) or administration to have absolute priority status, to allow firms in difficulties to access the funding they need to get back on track;
and
Extending the moratorium on creditor action against small companies trying to agree a Company Voluntary Arrangement to medium and large companies, so giving them breathing space to try to reach agreement with creditors.

The first is designed to allow "Debtor in possession" type funding for companies in CVA, this is new to the UK he thinks. Well I am not so sure, I was a director of a company that specilasied in funding for CVAs back in 1999. However any rules changes that provide for funding into CVA rescues we are all for. Will it allow new money to haircut old? If so not much new there apart from perhaps power to force dilution such as debtor in possession in the USA.

Secondly the use of the CVA moratorium has very limited indeed, because the risk to the nominee has been deemed to be too great, we will recommend to the Service that the risk element of the moratorium be relaxed to allow greater uptake. Personally speaking the moratorium for CVAs could be very powerful to protect companies from aggressive creditors during the difficult period pre CVA approval.

Graham Horne has issued a press release from the Insolvency Service as below;

"However we want to consult on whether some targeted changes to corporate insolvency law could improve the rescue culture even further, thus saving jobs and providing better returns to creditors.

The Chancellor of the Exchequer announced today during the Budget speech that The Insolvency Service will start a consultation exercise in June. This will propose changes aimed at giving struggling large and medium sized companies a breathing space while they seek to reach legally binding agreements with their creditors, without first having to place their companies into administration.

Small companies facing financial difficulty are currently able to obtain a moratorium on creditor action while seeking agreement with their creditors to deal with their debts. While an agreement is being pursued, the existing management stays in place. The proposals would give viable large and medium sized companies the same opportunity for a moratorium while trying to come to an agreement with creditors.

The Insolvency Service will also consult on changes that would help give all companies access to additional funds to get back on their feet. Under the proposals new money lent to companies in Company Voluntary Arrangements or administration would be given priority. This could make it more attractive to lend to such companies allowing them to access extra funding when they need it most.

The overall aim of these proposed measures is to ensure that company rescues are encouraged to take place whenever they are appropriate and that the knock-on effects of company insolvencies on their creditors are minimised.

The Chancellor also announced that The Insolvency Service will be publishing this summer the first of a series of regular reports on its monitoring of the operation of pre-pack sales. The Statement of Insolvency Practice 16 issued earlier this year requires administrators to provide creditors with detailed reports explaining their decisions for a pre-pack administration as soon as they are appointed. Scrutiny of these reports by The Insolvency Service is designed to ensure that creditors are not being treated unfairly through the abuse of pre-pack sales".

So the good news is Government wants to encourage more company voluntary arrangements better funding for CVAs and is likely to look carefully at abuse in pre-pack administrations, perhaps CVA will become the rescue method choice for more practitioners and struggling companies?

Do Recruitment Companies Herald a New Downturn

THE RECRUITMENT SECTOR IS FALLING OFF A HUGE CLIFF

We have had more than 2 dozen enquiries from recruitment companies in the last fortnight.

All these directors are saying the same thing - sales were falling and we were surviving. THEN sales just collapsed.

What does this mean???

Could it mean that, finally, companies are stopping recruitment, cutting costs and shedding staff, this seems to be even happening in London where this fall off has not been seen before in this crunch/recession. I think the signs from this are huge for the economy. Does it mean a big job cull has got under way?

Here are my views:

1. With such a big drop in sales for recruitment companies, all will have lots of debt to Crown creditors PAYE and VAT. But the governments time to pay deal programme won't work. Spreading tax payments out when the debt is based upon a much larger turnover from the past, means future smaller turnover is hobbled by legacy debts. So those that can survive need to dramatically slim down , exit property and do CVA’s to survive.

2. Landlords will be hit hard as space is evacuated rapidly; they will see tough times ahead. Liquidations and CVA's kill leases.

3. Those recruitment companies that survive could grow quickly post 2008-2010 recession. Good opportunities lie ahead for the survivors.

Good luck to all recruitment companies, but make sure you get your costs down HARD and survive.
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