“CompanyRescue Scotland? Is there a genuine rescue culture in Scotland"?

There is only one company driving the rescue culture in Scotland and you have found it! Welcome to KSA Company Rescue!

I am Keith Steven, welcome to KSA Company Rescue - although we are based in England (just - our head office is in Berwick) we are responsible for the majority of CVA led rescue work in Scotland!

The Government's statistics are shocking if you run an insolvent or struggling Scottish company. Amazingly, in Scotland in H1 of 2009, only 1% of insolvent companies were rescued by a company voluntary arrangement or CVA!

I think that is staggering! It is a small country of course, but here are the 2009 statistics that shows the "Rescue Culture" has largely passed Scottish business and the insolvency profession by:

2009 Half year Insolvency Statistics -Scotland only:

• 307 Scottish companies were liquidated and of those more than 76% were wound up by creditors and the Court. Only 25% were voluntary liquidations initiated by the directors.
  
  
• 97 companies entered administration in H1 2009, versus 47 last year.
  
  
• As for CVA only 4, yes you read that correctly, FOUR were saved by the CVA tool which is scandalous waste of good businesses. Incidentally the Government also wants more companies to use CVA! I suppose the fact that this was 2 more than last year means the use of CVA's grew by 100%! PS we led 3 of the 4.
  
  
• CompanyRescue wrote 4 CVA's in Scotland 2007 or 75% of the total approved. In 2008 we proposed 3 of the 4 in total.
  
  
• Of the total stock of Scottish insolvencies of 361, some 58% were aggressive liquidations by creditors.
  
  
• Taking Administrations and CVA's as "rescue" tools only 15% of all Scottish insolvencies were rescues. Around 1% used a CVA.
  
  Therefore we could argue BURIAL accounted for 85% of all Scottish Insolvencies in H1 2009.

So the standard approach in Scotland seems to be - if a company is struggling, whack in a winding up petition and knock the company over. The HMRC people in Scotland are very supportive of rescues and would much rather see the company survive in CVA than be liquidated and start again. We have never had a CVA rejected by HMRC in Scotland. We have a good working relationship with HMRC Scotland over CVA's.

Any views on these statistics would be welcomed.

If you are a solicitor or accountant advising distressed Scottish companies, please make sure they are aware of CVA's! Or if you are a director of a Scottish business please call your only hope of a rescue - KSA Group!

Source of Statistics is the Insolvency Service see below.

http://www.insolvency.gov.uk/otherinformation/statistics/200908/table4.pdf

http://www.insolvency.gov.uk/otherinformation/statistics/200908/table5.pdf

Whether CVA (company voluntary arrangement), creditors voluntary liquidation, phoenix, administration or pre pack administration sale we can help you find the RIGHT SOLUTION!

What do our Scottish clients say?

"Honest, frank and the RIGHT advice. KSA helped us turnaround our company against the odds."

"We were told several times by other insolvency practitioners to close down and start again, we didn't like that advice and were glad to find KSA. Tough choices had to be made but we survived and are now out of the CVA early."

"Keith, I am happy to give references and advice to any Scottish MD looking at the CVA option. Please pass them my mobile number; Peter Duncan."

"OK, what if I have a lot of questions specific to my company"?

Well clearly on a web guide our advice can only be general and non specific, so once you have visited our site, if you want specific and high quality advice call 0800 9700 539 or 01289 309431. We have fully trained advisors ready to talk to you between 8am and 6pm every weekday.

If you need urgent weekend advice call Keith Steven on 07974 086779 now.

If you are asking question like:

"Is my company insolvent"? "How will I pay the creditors, tax and wages"? "Do we need to go into liquidation"? What is Wrongful trading? Then we suggest you read as much of the site as you can and then if you cannot find the answers to any of your specific questions please call us on our free telephone number 0800 9700 539.

Our free and friendly advice will immediately start to lift the pressure!