Just a quick note to say a big thank you to all the staff at KSA, our CVA was passed today by creditors voting in an overwhelming number including HMRC to accept the proposal as prepared by KSA.
The road to reach today’s conclusion has been bumpy, but at each stage your team has supported and guided us through the issues and we have reached a very satisfactory outcome to the benefit of customers, staff, all creditors and shareholders.
Every business is different, however there are particular issues that haulage and logistic businesses face which are unique to the sector.
Issues that arise:
- Fuel cards
- HMRC debts
- Varying cost of fuel and hedging
- Expensive to upgrade a fleet
- Expensive training
- Length of time to get paid
- Lost contracts
As turnaround practitioners, our specialists can help tackle these issues with you to get your transport business back on track. We can go through all the available options, like expert assessment of the issues your company faces, improved financial reporting, Time to Pay deals, CVAs and pre-pack administrations.
You may be concerned that entering a CVA means losing your vehicle operator’s licence but since ownership is not changing hands, you won’t lose the licence and you don’t need to apply for a new one.
If pre-pack administration is an option, it’s a little more difficult as ownership does switch over. The licence will become void so the new buyer ought to apply for a license 8-12 weeks before the sale. Administrators can contact the Traffic Commissioner and request permission to continue operating vehicles, but this can be very complex process so seek legal advice.
Call us on 0800 9700539 for free expert advice and a talk through your options. We can visit you onsite to discuss your specific situation. We will set out plans to AVOID formal insolvency action if possible.
KSA has extensive turnaround experience with haulage and logistics firms such as car transporters, Heathrow logistics /national distribution companies (see “Circle Express CVA” online for example), outsourced supermarket transport companies, one man haulage firms, general large haulage and we even made important case law in one case – see Thomas v Ken Thomas case online
If you have cashflow worries, you should call Keith Steven for an initial chat on 0800 9700539, he was involved in all of the companies above.
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