
My Business Is Failing – How Can I Save It?
My Business Is Failing – How Can I Save It?The director of the company contacted KSA to discuss the company’s present financial situation. Then, after a subsequent telephone conversation with KSA regional manager Hugh Gabriel a meeting was requested and held at the company’s premises.
KSA was appointed to assist the company with a Company Voluntary Arrangement (CVA) in late 2014. Turnover for the 2015 financial year was c£350K.
HMRC’s collections officers attended the premises more than once, however due to successful negotiation no goods or stock were removed.
The nominee’s review was held and the CVA and nominee’s report were subsequently lodged at court. The CVA proposed 32p in £1 repayment to unsecured creditors over 5 years.
HMRC provided their response rejecting the CVA. The item of concern cited in their response was that of historic compliance.
The creditors’ meeting was adjourned for two weeks to permit an appeal to HMRC to reconsider the decision however this was unsuccessful and the rejection was upheld.
The CVA was therefore rejected at the adjourned creditors Meeting. The director is currently considering the company’s position.
My Business Is Failing – How Can I Save It?
My Business Is Failing – How Can I Save It?