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.
Information Technology Insolvency Case Studies
Every business is different, however there are particular issues that IT companies face which are unique to the sector.
Although this type of business often requires no stock for trading (which, of course, limits supplier issues), a number of problems can still occur. For example:
- Constant change and innovation needed in technology putting pressure on Human resource
- The internet makes “everyone an expert” now!
- Low margins on sale of hardware
- Getting clients to pay for service and support
- Larger firms tend to dominate
- Small contractors fail to keep books and records, then get hit with tax bills they cannot afford
- Overdrawn director loan accounts
As turnaround practitioners, our specialists can help tackle these issues with you to get your IT 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.
KSA Group has our own turnaround practitioners available to help IT companies. We can also provide referees on request.
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.
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