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
If a company is insolvent then the duties of the directors changes to the creditors and they must be treated fairly and their situation not made worse.
Out of curiosity
Who is the IP?
might have to go into an IVA
HMRC can bailiff him but if there are no goods worth taking then that won't get then very far.
http://www.soletraderrescue.co.uk/options/individual-voluntary-arrangeme...
Enforcement are tasked with collecting 100% of the debt and they are being aggressive at this stage. An IVA could be considered as long as he has some regular income that he can pay into it.
If you take out that money and the company is subsequently wound up by HMRC then the official receiver will probably demand it back as a preference.
CVA and VAT
VAT is a transactional sales tax that accrues in relation to each individual transaction as opposed to corporation tax which is a tax based on performance over an accounting period . Any VAT due at the date a company enters into a CVA along with any accrued VAT in relation to all input / output invoices raised since the last return will be compromised within the CVA along with the other unsecured creditors. Any VAT accrued after the CVA has commenced will need to be paid by the company. The compromise of creditors in a CVA does not affect the post CVA VAT liability and therefore there is no clawback.
Basically if the debt is not disputed and the directors cannot pay then the company is insolvent. See this for the tests of insolvency.
I am not quite sure what your question is but have a look at this page all about winding up petitions. The crucial thing is if the petition gets advertised the company's bank account will be shut down and that will mean end of business most likely.
Turnaround Management Association
We are members of the Turnaround Management Association. TMA-UK.org and have found them very good. To be honest you will need to be a pretty large organisation or involved in some very big projects for the banks to ask you in. If you want an introduction then please send me a message.
sites
If you can get wordpress that will be better. Really easy to use
Overdrawn directors accounts
Be very aware of the above as if they have a large overdrawn account then the liquidator could ask for it back from the directors/shareholders They may claim "oh the accountant told me to do that!" doesn't happen often but we hear it. For more on overdrawn accounts read this
http://www.companyrescue.co.uk/company-rescue/guides/overdrawn-current-a...
WUP advertisement
You must get them to stop advertising the petition as that will result in your client's bank account being frozen and needing a validation order to release it as mentioned by previous posters. If there is some element of dispute HMRC will often agree to this as long as other tax compliance is OK.