CVA Case Study - Furniture company based in the South East
This is a small family owned company in the South East of England. It faced problems that will be familiar to many retailers across the UK; sales declining, margin pressures, rising non domestic rates and lack of bank support.
KSA Group was able to help as follows;
The managing director contacted KSA Group via the www.companyrescue.co.uk website. Earlier this year (2012) and we gave him general advice. Nothing further was heard from the company.
The company was then served a winding up petition (WUP), unfortunately this had also been advertised by the petitioner which was HMRC for £238,941 NIC, PAYE and VAT arrears. Total creditor debt is £244,893. So the Crown was by far the largest creditor.
The director had been taking unqualified advice from a “family friend” which led to a delay in contact with HMRC and the issuing of the petition. Had they ACTED SOONER perhaps the WUP would not have been issued. As you can imagine failure to communicate with any creditor leads to suspicions and regrettably the family friend thought it was best NOT TO TALK TO HMRC! Wrong.
Find out what we did by reading our CVA Case Study on our Company Rescue Website.
Moral of the story here is WHY RISK YOUR BUSINESS and take advice from lay people or poor quality websites?
GET QUALITY insolvency and turnaround advice, we provide this free of initial charges and the free first meeting is always followed up by a written solutions report.