KSA Group Seminar Review

16 February 2015

The seminar held on the 12th of February was a great success.  We had over 60 people in attendance.  Due to some last minute IT issues Keith apologies for not being able to chat to people prior to the presentations.

To recap we covered 3 main topics;

Pension led funding which is an innovative method that allows directors to be able to invest in their own business.  We were treated to a presentation that had animated cartoons done by a pension expert who also happened to be a cartoonist!

Next was Alison Loveday of Berg who talked about how they were taking on the banks in the Mis-selling swaps scandal. Alison pointed out a number of rather obvious inappropriate products and advice.   In one instance the banks were selling 10 year swap products to hedge a 3 year loan!  One particular case study she highlighted was where a property company's directors were deemed as having sophisticated knowledge of a swaps product because the son of the director was an accountant.  An expert on derivatives said that the relevant product was so complex it was "on the moon"  This particular company now has leave to sue for £32m. You can download the swaps mis-selling presentation here

Finally, we had Keith Steven of KSA Group explaining how sub prime lending appeared to have started again with hundreds of alternative finance providers doing little due diligence on companies and lending them monies backed up only by a personal guarantee.  As always we highlighted that these liabilities can be dealt with by including them in a restructuring provided that the providers understand that they are likely to get a better return than if they pursued the directors.

Jonathan Reeves was as usual a good host and cracked a great joke about "50 shades of grey hair"  being an essential element of the turnaround business.

There was plenty to drink afterwards and networking continued throughout the evening and in the pub afterwards.

For information on the next event in Birmingham please contact Robert Moore at robertm@ksagroup.co.uk