
My Business Is Failing – How Can I Save It?
My Business Is Failing – How Can I Save It?The directors of the film-producing company contacted Eirlys Lloyd of KSA to discuss the company’s present financial situation. After a subsequent telephone conversation with KSA Managing director, Keith Steven, a meeting was requested and held at the company’s premises in April 2009.
KSA were appointed to assist the company with a Company Voluntary Arrangement (CVA) in May 2009. Turnover for the year to June 2008 was c£1.4M.
– The company employed 3 staff including the director
– The company had made 6 redundancies
– The bank provided an overdraft facility of c£45K
– The bank held registered security via a fixed and floating charge over the company’s assets
£202K of which HMRC was 52%
In August 2009 a major contract was withdrawn from the company whilst half complete. Realising the company was no longer viable, the directors contacted KSA to discuss placing the company in CVL (Creditor Voluntary Liquidation).
The directors engaged KSA to conduct the CVL in September 2009.
My Business Is Failing – How Can I Save It?
My Business Is Failing – How Can I Save It?