In October 2012 we did 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. We found that we had saved 1760 jobs in that time. As of March 2013 we have now saved 2300 jobs! One of these companies accounted for approximately 200 of these. Please take a look at the case study on this particular case
What do we mean by saving these jobs?
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. 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?