What Is A Winding Up Petition By HMRC or Other Creditor
What Is A Winding Up Petition By HMRC or Other CreditorLicensed Insolvency Practitioners With National Coverage
The director of the company contacted KSA to discuss the company’s present financial situation. After the initial telephone conversation, a meeting was requested and held at the company’s premises. Keith Steven represented KSA at the meeting. The company is a wholesale provider gift and home products to retailers.
KSA were appointed to assist the company with a Company Voluntary Arrangement (CVA) in May 2010. Turnover for the year to January 2010 was c£3.7m.
Creditors in this class so not usually attract a dividend in the CVA however they do have a vote for the value of the debt.
The nominee’s review was held and the CVA and nominee’s report were subsequently lodged at court. The CVA proposed 33p in £1 repayment to unsecured creditors over 5 years.
The CVA was accepted by the body of creditors at the creditors meeting.
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