Is the Company Voluntary Arrangement or CVA underused in Scotland?
Seminar well attended on the 12th October
A special thanks to all those who came along to hear Keith Steven of KSA Group talk about CVAs and their application in Scotland. Comments were that it was astonishing that only 6 or 7 CVAs are done each year in comparison to 600+ in England.
The total number of CVAs filed in the UK is around 600 - 700 every year. In Scotland it is around 6 pa. We normally do 4-5 of them! CVAs allow a company to continue to trade by cutting costs quickly, can save jobs and in most cases gives a better return to creditor than an aggressive liquidation or pre-pack.
KSA Group propose the highest number of CVAs in the UK and we have a success rate of over 90% creditor approval. As such, we would like to involve Scottish professionals in promoting this excellent rescue technique.
The advantage to corporate advisors, accountants or lawyers of the CVA mechanism is that of business continuation. Your client can still remain your client once they are in a CVA and not be taken over by an insolvency practitioner which would be the case in administration. Also as a condition of all of our CVAs, monthly or quarterly management accounts are required to be produced to the CVA Supervisor, will provide additional work for your firm. We will also need help in putting together the forecasts in a CVA which is work that KSA Group will pay you for.
If you were unable to come along and would like to attend the next one then please call Robert Moore on 07584 583884 or email firstname.lastname@example.org. All attendees will receive a full course manual and our unique USB online insolvency toolkit free to take away which in itself is worth £99.
Contents of the Insolvency Toolkit available on USB