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Britain Doesn't Make Anything Anymore

"We have lost our manufacturing base, we don't make things anymore in the UK".

I get sick and tired of this uneducated, generalist drivel.

If we cannot make things how come ARM (based Cambridge) has a chip in 94% of the world's smart phones?

If we cannot manufacture anymore, how come Rolls Royce had a turnover of £10billion and profits of £915m last year?

Two examples that prove the naysayers quite wrong. We work with a number of manufacturers every year and they are universally exasperated by the media, politicians and the doubting idiots who say we have lost our manufacturing base.

Did you know that the UK is still the 6th largest manufacturer in the world?

Events, Dear Boy.

A long time ago.

Harold MacMillan, said, "Events, Dear Boy". How many people who "read politics" understand that quote?

Gordon Brown, and I suppose, all of the people who work in politics today, need to heed those words.

In the final days of a general election. Think on this. Many things can happen, that the greatest spinners, planners and election strategists cannot predict. Mr Brown calls a Labour voter a bigot.

How to win or lose an election should not be determined by a gaffe. But.

John Major's "Bastards" and Brown's "Bigot" comments are similar.

John Major turned a poll forecast saying he would lose, in the late 1992 election, into a win.

Somehow I cannot see Mr Brown doing the same from this gaffe.

Sorry Mr Brown, calling a voter a bigot, ironically a Labour voter, is not likely to endear you to other "bigots".

Ten Top Tips for Dealing with Company Cash Flow Problems

"We can't pay our bills on time, HMRC is pressing for payment and we are struggling to get cash in. What can we do about this cash flow problem?"

First of all this is a common problem for almost every business at one time or another. In the current post recession period, cash flow problems can actually get WORSE not better.

TEN TOP TIPS to manage company cash flow problems

1). Manage cash flow daily. NOT weekly, NOT monthly, repeat manage cashflow daily. Please click here for our FREE daily cash flow spreadsheet.

This is used by hundreds of companies every day (including our company) to manage cash in and out of the business easily and quickly. Fill out the cash flow and use every day to see "where you are" and what problems lie ahead. Plug in the dates that EACH company that owes you money should pay you, then you have a guide to use for point 2 below.

2). Debtor collection: are your customers taking longer to pay you? If so why is this? Best thing to do is to find out (see marketing below in section 4).

3). Cost cutting

To see the full ten tips click this link

Reg Flag reports 160,000 Distressed Companies

Having seen corporate insolvencies fall in the last two quarters, it is perhaps surprising, to some people, to read the above statistic from Red Flag.

It is not however surprising to those in the insolvency world. Actual insolvency appointments may be down but the demand for advice and solutions is rising. With the Government continuing to support hundreds of thousands of distressed companies through the HMRC Time To Pay scheme, it is inevitable that Red Flag (funded by Begbies Traynor) is highlighting distress.

The number of firms experiencing significant financial problems has jumped by 20,074 (14%), to 161,601 in the first three months of this year.

Begbies Traynor estimates that seven per cent of the increase is the result of trade creditors becoming more aggressive, with an increase in court actions evidence of their growing willingness to take action against their debtors. The remainder of the increase could be attributed to normal seasonal uplift.

The survey shows that distressed UK businesses owe over £55bn to creditors, suppliers and service providers putting them at a severe risk of defaulting. I wonder if this includes HMRC?

The Solutions?

For struggling viable companies the best solution is often company voluntary arrangement. The really frustrating thing we have to put up with in our world is, the vast majority of insolvency practitioners don't agree with that last sentence!

If you are an accountant or professional advisor to a struggling company, we suggest that the directors are at least TOLD about CVA's and the option openly discussed. If the company is introduced to an insolvency practitioner (IP’s), the chances are he or she will ignore company voluntary arrangement as a good solution.

Directors of insolvent companies have a duty to maximise creditors interest, so NOT considering a CVA is a clear breach of that duty, notwithstanding the IP’s own duty to consider all options!

Of course those other options include:

Trading Out
Administration and Pre-Pack
Refinance

Voluntary Liquidation

To get a view on each option needs a couple of (FREE) hours with one of our managers or directors.

About KSA Group - CompanyRescue

KSA are Company Doctors and Turnaround Experts and Insolvency Practitioners. We save viable businesses, and help close those that are not!

Through our website www.companyrescue.co.uk we provide high quality, easy to understand advice on turnaround and insolvency problems. Supported by trained advisors who can explain what solutions are available to your problems, you can get plain talking answers in 30-60 minutes, free of charge.

Working alongside your board we can implement recovery and turnaround plans for companies large and small. With over 400 companies rescued using this fantastically powerful technique, we are the UK’s leading experts in company voluntary arrangements (CVA).

Call us last, we will explain why the common responses to CVA’s “they don’t work”, “HMRC won’t support a CVA” (they will) and many others are simply incorrect.

If your company is beyond rescue, then we will quickly and humanely put it down - creditors voluntary liquidation is quick and relatively painless. If a company needs radically restructured then pre-pack administration may be the right solution.

As part of the KSA Group, CompanyRescue has helped hundreds of thousands of soletraders, directors and their employees since 2000 on both business and personal levels. We are now into our tenth year of providing free, high quality advice on line.


KSA Group Ltd t/a CompanyRescue - see more about us at our Media Room

Wilson Phillips Insolvency Practitioners Ltd and Accuma Plc go into Administration

For some weeks the news has been swirling about these two companies (all part of the same group).

We note that DTE were appointed and the companies went in Administration in late March, having previously sold their IVA "factory" to Grant Thornton for £5.6m in 2009.

Another IVA factory collapse highlights the massive shift in a market that seemed to have a huge future, with whizzy TV adverts and lots of promises to worried debtors about removing debts at a stroke.

Note individual voluntary arrangements are still a good option for some worried debtors such as sole traders.

Business failures falling? CVA's rising?

The number of business failures fell 11 per cent to 7,719 for the first quarter of 2010 compared to 8,684 during the equivalent period in 2009, a report from Equifax has revealed.

Equifax said its latest Business Failures Report revealed that company failures in the first quarter were also down 0.5 per cent on 7,756 during the fourth quarter of 2009.

To me this fall is not surprising given the time to pay schemes in place from HMRC and the reticence of the banks to knock companies down.

I also detect a rise in the use of CVA's over the last 3 months, which is very encouraging for us CVA Experts. The more CVA's approved, the less skepticism there will be from lenders, large insolvency firms and the man in the pub.

What a client thinks of KSA - a testimonial!

KSAGroup - CompanyRescue - SIMPLY THE BEST?

Hi Keith

This is a short note to say thank you to you and your excellent team for helping us achieve a CVA (company voluntary arrangement). The service that you provide is, frankly, unbelievable!
Having realised that our company was in trouble, it took me some time to work out that we needed help ... fast. A Google search for “Company in Trouble” brought up www.companyrescue.co.uk and, having clicked on the link, I ended up on your website. The information on your website is informative, helpful and comprehensive. It was with some trepidation that I decided to call – having reached one of the lowest points.

My first call was with Philippa (Samaritan!). Philippa made me feel that there was hope, that it wasn’t all my fault (even though I knew that some of it was!) and that, by careful management there might be a way out.

Next Hugh (Counsellor!) came to visit and, having spent several hours listening to my problems and assessing whether there was a real prospect of recovery, he recommended that a CVA would be appropriate. Iain Campbell (Master!) prepared a proposal to support our company through and into the process of a CVA.

At first I felt that we had ‘no option’ if we were to survive (and we didn’t!), but very quickly I realised that a CVA is a good thing. The CVA enabled us to re-structure, to re-think and to put together a plan for long term survival that should, if followed well, make us a much stronger and more profitable company than ever before.

I didn’t come to this conclusion alone though – firstly there was Annette (Saint!!) who tirelessly and patiently guided me through the process. Annette gave advice, support and sometimes humour throughout the entire process and never once got bored of me asking the same question over and over, or worrying her with my woes. Annette helped me through every step of the way and was at all times ... brilliant!

Finally, of course, there is yourself, Keith (King!). Your advice and support and your expert knowledge cannot, I am sure, be paralleled. It is only through your support and knowledge that we would ever have got this far.

We would never, ever have got through the last few months without the knowledge, support and guidance that KSA Company Rescue provides. Your fees are incredibly reasonable for the service that you provide and the knowledge and expertise second to none. Thank you to all of your team for being so brilliant!

If every you have anyone who wants to talk to a reference client, maybe someone who wants to know what to expect from you, or just a plain old reference, come to me – I will have no hesitation what-so-ever in recommending KSA Company Rescue as the best service for companies needing help ... anywhere!

Kind regards

Alex

Alex Rabbetts TA Migration Solutions Ltd

Beware advisors who don't stack up

We always watch our space for competitors, it's what we all need to do in small to medium size businesses (SME's) is it not?!

So it is interesting to see a new competitor called Frazer and Frazer selling their "CVA services". On their website they claim to offer CVA services which delight their clients: they quote "Thomas King of Ableton Media as being very satisfied with a very impressive result".

A quick check of Companies House shows their claim to be somewhat disingenuous - there is no such company as Ableton Media Ltd. Or a director of any similarly named company.

BEWARE of companies that claim to offer all sorts of easy solutions like CVA - check them out first. Are they regulated, licensed and experienced? Then look at their testimonials, can they give you referees?

CVA's are very complex solutions even for the RIGHT company, they are not a marketing geezers dream that can "INSTANTLY WRITE OFF 75% of your company's debt"! By the way that is a quote from their website.

CAVEAT EMPTOR - buyer beware. These claims are misleading and may be dangerous for your company in difficult times.

Always get quality advice. Always shop around, Always talk to people who make big claims, then ask for referees who have used their services and survived to tell the tale.

Isn't that how you do business anyway?

Portsmouth owes £120m: Administrator may propose a CVA

A massive amount of debt was paid to the tax man but it appears that £120m of debt remains.

For those of you interested, you can download the administrators proposals including the proposal that, in time, a CVA (company voluntary arrangement) be put to creditors.

A meeting of creditors has been called for General Election day (6th May).

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