As the government raises the issue of veto power over pre-packs contingent on the failure of measures proposed by the Graham Report, Eric Walls, director of turnaround and insolvency at KSA group, wonders if the original review may have partially missed the mark in the first
Our Blog is to inform accountants what tools are available for restructuring distressed but viable companies. We use CVA's, CVA and Hive Downs, pre-pack Administrations and liquidation to restructure companies. We have rescued over 400 companies with CVAs and helped with turnaround advice many more. We feel that many accountants often realise there is a problem with a company before the directors know! We have an extensive website at www.companyrescue.co.uk with hundreds of pages of informative content.
What happens when a director starts a new business after the old business has gone bust?
HMRC has the power to take your client's business assets and sell them at auction in settlement of an unpaid tax bill. This process is called “distraint”.
A Seminar on the CVA process in Birmingham
CVAs have been in the press recently with Glasgow Rangers and Fitness First both proposing them as ways to rescue and restructure their businesses and even Travelodge..
In more than 75% of our enquiries from directors of struggling companies, we find that this is a major problem. So what is an "overdrawn director's current account?"
Below are the tell tale signs that a company is in trouble. Many of them seem obvious and some not so obvious. As a professional advisor you may not know all the information but asking some questions should give you some pointers.
Finance and Refinancing in 2012/13
The latest insolvency statistics showing figures for the first Quarter (Q1) have been met with the usual wailing and spin by the press and those who stand to benefit from any increase in insolvencies. Yes we work in the industry but we are going to report on the statistics how we see it.