ksagroup
Member Since: 17th Nov 2010
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He is managing director of Company Rescue Ltd and KSA Group Ltd - a specialist firm of turnaround practitioners. Keith has been featured in Mike Southon's column in the Financial Times and his book - This is How Yoodoo on entrepreneurs.
More than 5,000 people have contacted KSA Group since Keith launched this unique website in 2000 and over 500 companies have now been directly assisted by the author over the last 15 years with assignments ranging from large multi national projects to small manufacturing companies, to simple advice over the phone.
For example, Keith ran a £500m sales company in an Administration plus CVA rescue in 2004 and that company (now much smaller) survives with sales over £100m or so. Keith has worked with much smaller concerns from £300k sales upwards and he is currently leading the turnaround of a £120m service company, (CVA).
Keith started his career as a retailer and experienced the savage recession of the 1990's first hand. This was before the banks had a planned approach to dealing with SME's failure. Close struggling businesses first; ask questions later was the response then. Of course this was driven by insolvency practitioners who wanted big fees.
So he learned a lot in a short time and thought "how can we help struggling businesses"?
He joined a specialist turnaround firm in London in 1994 and has helped set up two venture capital companies since, specialising in the distressed / turnaround sector. Since then he has focused on driving the delivery of free information to distressed business people and promoting the use of CVA's, innovative administrations and informal turnarounds.
Keith is a former director of the UK Turnaround Management Association and an associate of the Turnaround Finance Group.
There isn't much he hasn't seen, he is an entrepreneur and vastly experienced in turning around companies. Talk to Keith directly if you want.
More than 5,000 people have contacted KSA Group since Keith launched this unique website in 2000 and over 500 companies have now been directly assisted by the author over the last 15 years with assignments ranging from large multi national projects to small manufacturing companies, to simple advice over the phone.
For example, Keith ran a £500m sales company in an Administration plus CVA rescue in 2004 and that company (now much smaller) survives with sales over £100m or so. Keith has worked with much smaller concerns from £300k sales upwards and he is currently leading the turnaround of a £120m service company, (CVA).
Keith started his career as a retailer and experienced the savage recession of the 1990's first hand. This was before the banks had a planned approach to dealing with SME's failure. Close struggling businesses first; ask questions later was the response then. Of course this was driven by insolvency practitioners who wanted big fees.
So he learned a lot in a short time and thought "how can we help struggling businesses"?
He joined a specialist turnaround firm in London in 1994 and has helped set up two venture capital companies since, specialising in the distressed / turnaround sector. Since then he has focused on driving the delivery of free information to distressed business people and promoting the use of CVA's, innovative administrations and informal turnarounds.
Keith is a former director of the UK Turnaround Management Association and an associate of the Turnaround Finance Group.
There isn't much he hasn't seen, he is an entrepreneur and vastly experienced in turning around companies. Talk to Keith directly if you want.
My answers
Below is content for a letter we have prepared for one of our clients; please adapt as you think necessary.
We are sorry to confirm that the government has ordered all pubs and restaurants to close from 20th March 2020. What does this mean for employers and employees?
There is a very good web page published by the government for detailed background:
https://www.gov.uk/government/publications/guidance-to-employers-and-bus...
Obviously, the effect of the government announcements is still to work through. But practical steps need to be taken now.
Today we will be varying your employment contract under Government instructions due to Coronavirus (COVID-19).
We will not be working during this period which is expected to last three months or more.
At this stage you will not be made redundant. We are not laying you off work.
CPL will be placing all of you into what is called a “furloughed workers” state from today.
HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. HMRC are working urgently to set up a system for reimbursement. We think this will take until end of April and should last for 3 months or until we can re-open.
We believe (but this needs to be confirmed) that we will take an average of your last 16 weeks pay and that this will form the average weekly pay. We have been informed that you will be receiving (once we have registered) 80% of that average income. CPL will be paying this.
We understand that we will be receiving a grant from the local authority to cover wages to be paid from next week, until the scheme above is available.
You will, at this stage, be paid for the hours worked between the period of Wednesday 19th to Friday 21st , next week (to be confirmed).
In addition (to be confirmed) we expect that you will get the balance of the average time you would have worked for the remainder of the normal working week, when we receive the grant from government. Hopefully, this too will happen next week.
Other matters;
Rent: as your job has been furloughed all landlords have been banned from evicting for a minimum of three months; you should consider asking for a reduction in rent or a rent holiday.
Mortgages; as your job is furloughed you may be able to apply for a 3 month mortgage holiday. You will need to repay this in future. We do not know the terms of this holiday or the repayment requirements but you can ask your mortgage company.
If you need evidence of being furloughed you can ask NAME our accountant for a letter of confirmation.
You can email me at any time with questions, concerns or worries. I will try to answer them for NAME
Obviously, as news develops this week the letter may need to be changed or varied. We are endeavouring to help our clients and contacts, but do please be aware that we can accept no liability for any errors or omissions.
Below is content for a letter we have prepared for one of our clients; please adapt as you think necessary.
We are sorry to confirm that the government has ordered all pubs and restaurants to close from 20th March 2020. What does this mean for employers and employees?
There is a very good web page published by the government for detailed background:
https://www.gov.uk/government/publications/guidance-to-employers-and-bus...
Obviously, the effect of the government announcements is still to work through. But practical steps need to be taken now.
Today we will be varying your employment contract under Government instructions due to Coronavirus (COVID-19).
We will not be working during this period which is expected to last three months or more.
At this stage you will not be made redundant. We are not laying you off work.
CPL will be placing all of you into what is called a “furloughed workers” state from today.
HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. HMRC are working urgently to set up a system for reimbursement. We think this will take until end of April and should last for 3 months or until we can re-open.
We believe (but this needs to be confirmed) that we will take an average of your last 16 weeks pay and that this will form the average weekly pay. We have been informed that you will be receiving (once we have registered) 80% of that average income. CPL will be paying this.
We understand that we will be receiving a grant from the local authority to cover wages to be paid from next week, until the scheme above is available.
You will, at this stage, be paid for the hours worked between the period of Wednesday 19th to Friday 21st , next week (to be confirmed).
In addition (to be confirmed) we expect that you will get the balance of the average time you would have worked for the remainder of the normal working week, when we receive the grant from government. Hopefully, this too will happen next week.
Other matters;
Rent: as your job has been furloughed all landlords have been banned from evicting for a minimum of three months; you should consider asking for a reduction in rent or a rent holiday.
Mortgages; as your job is furloughed you may be able to apply for a 3 month mortgage holiday. You will need to repay this in future. We do not know the terms of this holiday or the repayment requirements but you can ask your mortgage company.
If you need evidence of being furloughed you can ask NAME our accountant for a letter of confirmation.
You can email me at any time with questions, concerns or worries. I will try to answer them for NAME
Obviously, as news develops this week the letter may need to be changed or varied. We are endeavouring to help our clients and contacts, but do please be aware that we can accept no liability for any errors or omissions.
Below is content for a letter we have prepared for one of our clients; please adapt as you think necessary.
We are sorry to confirm that the government has ordered all pubs and restaurants to close from 20th March 2020. What does this mean for employers and employees?
There is a very good web page published by the government for detailed background:
https://www.gov.uk/government/publications/guidance-to-employers-and-bus...
Obviously, the effect of the government announcements is still to work through. But practical steps need to be taken now.
Today we will be varying your employment contract under Government instructions due to Coronavirus (COVID-19).
We will not be working during this period which is expected to last three months or more.
At this stage you will not be made redundant. We are not laying you off work.
CPL will be placing all of you into what is called a “furloughed workers” state from today.
HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. HMRC are working urgently to set up a system for reimbursement. We think this will take until end of April and should last for 3 months or until we can re-open.
We believe (but this needs to be confirmed) that we will take an average of your last 16 weeks pay and that this will form the average weekly pay. We have been informed that you will be receiving (once we have registered) 80% of that average income. CPL will be paying this.
We understand that we will be receiving a grant from the local authority to cover wages to be paid from next week, until the scheme above is available.
You will, at this stage, be paid for the hours worked between the period of Wednesday 19th to Friday 21st , next week (to be confirmed).
In addition (to be confirmed) we expect that you will get the balance of the average time you would have worked for the remainder of the normal working week, when we receive the grant from government. Hopefully, this too will happen next week.
Other matters;
Rent: as your job has been furloughed all landlords have been banned from evicting for a minimum of three months; you should consider asking for a reduction in rent or a rent holiday.
Mortgages; as your job is furloughed you may be able to apply for a 3 month mortgage holiday. You will need to repay this in future. We do not know the terms of this holiday or the repayment requirements but you can ask your mortgage company.
If you need evidence of being furloughed you can ask NAME our accountant for a letter of confirmation.
You can email me at any time with questions, concerns or worries. I will try to answer them for NAME
Obviously, as news develops this week the letter may need to be changed or varied. We are endeavouring to help our clients and contacts, but do please be aware that we can accept no liability for any errors or omissions.
Below is content for a letter we have prepared for one of our clients; please adapt as you think necessary.
We are sorry to confirm that the government has ordered all pubs and restaurants to close from 20th March 2020. What does this mean for employers and employees?
There is a very good web page published by the government for detailed background:
https://www.gov.uk/government/publications/guidance-to-employers-and-bus...
Obviously, the effect of the government announcements is still to work through. But practical steps need to be taken now.
Today we will be varying your employment contract under Government instructions due to Coronavirus (COVID-19).
We will not be working during this period which is expected to last three months or more.
At this stage you will not be made redundant. We are not laying you off work.
CPL will be placing all of you into what is called a “furloughed workers” state from today.
HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. HMRC are working urgently to set up a system for reimbursement. We think this will take until end of April and should last for 3 months or until we can re-open.
We believe (but this needs to be confirmed) that we will take an average of your last 16 weeks pay and that this will form the average weekly pay. We have been informed that you will be receiving (once we have registered) 80% of that average income. CPL will be paying this.
We understand that we will be receiving a grant from the local authority to cover wages to be paid from next week, until the scheme above is available.
You will, at this stage, be paid for the hours worked between the period of Wednesday 19th to Friday 21st , next week (to be confirmed).
In addition (to be confirmed) we expect that you will get the balance of the average time you would have worked for the remainder of the normal working week, when we receive the grant from government. Hopefully, this too will happen next week.
Other matters;
Rent: as your job has been furloughed all landlords have been banned from evicting for a minimum of three months; you should consider asking for a reduction in rent or a rent holiday.
Mortgages; as your job is furloughed you may be able to apply for a 3 month mortgage holiday. You will need to repay this in future. We do not know the terms of this holiday or the repayment requirements but you can ask your mortgage company.
If you need evidence of being furloughed you can ask NAME our accountant for a letter of confirmation.
You can email me at any time with questions, concerns or worries. I will try to answer them for NAME
Obviously, as news develops this week the letter may need to be changed or varied. We are endeavouring to help our clients and contacts, but do please be aware that we can accept no liability for any errors or omissions.
Yep they will be in big trouble if the company goes into liquidation. Its the usual problem that people see the company's money as their own to play with.
Basically what is likely to happen is that there will need to be another creditors meeting as the other creditors will have to take a hit on their dividend if the new debt is proven and included in the https://www.companyrescue.co.uk/guides-knowledge/what-is/what-is-a-cva-o...CVA. It should be noted that all notified and unnotified unsecured debts are bound. There can be adjustments during the life of the CVA for the amounts that the creditors receive
Have a look at this page for some more information on closing a company https://www.companyrescue.co.uk/your-options/closing-down-a-limited-comp...
Absolutely as Insolvency Practitioners https://www.companyrescue.co.uk we would pay reasonable expenses. The problem is of course that there may not be enough funds in the case to actually cover them. Directors have a legal duty to cooperate with the liquidator but other professionals not necessarily.
One of the ways that these advisors make money is to leverage legitimate claims. Perhaps a bit dishonestly in some cases. An example might be that they allocate the time of the MD in attending meetings etc that didn't really happen and lots of other unprovable expenses
One of the ways that these advisors make money is to leverage legitimate claims. Perhaps a bit dishonestly in some cases. An example might be that they allocate the time of the MD in attending meetings etc that didn't really happen and lots of other unprovable expenses