We have done an analysis of all the companies that we have successfully negotiated CVAs for and which have been approved by creditors and filed at Companies House. Since January 2011 KSA Group has "saved" 1760 jobs in these firms.
What do we mean by that?
Well, prior to the CVA being filed these businesses faced being wound up or being put into administration or liquidation as they suffered under the weight of their debts. The CVA allowed the unsecured creditors to receive a dividend on their debts ranging from 30p to 100p in the £1 and the business to get on with making money and being a useful and productive member of the business community!
So what did we actually do?
The main thrust is to persuade the creditors that the business is viable going forward. A special thanks to the team in our Berwick Office who do all the creditor liaison in this respect. Our corporate advisors talk to the client's bank, HMRC, trade suppliers, and customers amongst others. We also advise the directors on how they can cut costs to become more efficient using the powerful company voluntary arrangement mechanism.
Of course those jobs are just from CVAs. They do not include the work we do with pre pack administrations, trading administrations and informal time to pay deals with creditors.
Categories: What is a CVA or Company voluntary arrangement?