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Friday, 18 December 2009

Borders to close Tuesday 22nd December

Reuters reports announcement from MCR that Borders will close for good Tuesday 22nd -announced at 5pm today

Well, having been in High Court this week defending (effectively) retention of title claims by publisher Hachette, perhaps Messrs Duffy, Bouchier and Whitehouse (joint Administrators) will want a quieter Christmas!

That and many rents will be due end of the month, if cash is not being raised fast then fixed costs will be too much of a mountain to meet.

As this Blog often reports Hilco and others will be combing the retail sector for the next retail failure. Why not - this week and next are critical for many retailers.

Retailers of course, should plan now for restructure. Use CVA and keep cash from Christmas sales, drive down employment costs and kill leases - a good scheme!

Or, if independent capital is available consider pre-pack.

Either way retailers under the cash cosh need to move fast. Get independent advice now.

Wednesday, 16 December 2009

Hilco to buy more retailers?

Lots of reports out there in the media on Hilco's latest acquisition - Habitat, this bought with a £45m dowry from its former Swedish owners.

This after buying Borders last month and appointing MCR as administrators. MCR has announced probable closure by Christmas eve unless a buyer can be found.

Another retail close out for Borders led by Hilco. What next for Habitat?

What next for retail failures in 2010. Big rent day due at the end of December, will retailers fail to meet rent obligations? A Company Voluntary Arrangement can restructure rents, rates, leases, and surplus employee costs and help retailers emerge leaner and fitter.

If your multiple retail company has cashflow crisis call CVA Expert, Keith Steven on 07974 086779 or email

Tuesday, 15 December 2009

We cannot pay VAT we cannot pay the PAYE, HELP!

We can't pay VAT debts, we cannot pay PAYE, what can we do?  It is important to address these issues as HMRC can send in a field officer or a bailiff who can distrain on your goods.  It is not too late to effect a rescue but you need to act fast.

There are several options but the key options are dealt with on these pages

Time to Pay PAYE and VAT, use our programme to help you get a deal or

CVA - company voluntary arrangement

Call now for advice before HMRC get tough with your company 0800 9700539

Thursday, 10 December 2009

Time to Pay (TTP) extended indefinitely

Buried away in the news yesterday for the "Budget" was the HMRC's TTP scheme was to be extended indefinitely. Is this a genuine offer to support struggling businesses or merely a political expediency?

Either way more and more companies will try to take advantage. Our own evidence is that HMRC is now getting tougher on non compliance with TTP deals. It will be interesting to see how this pans out and what the next government will do with the easy TTP approach.

Friday, 4 December 2009

Growing Threat of Winding Up Petitions

As the patience of creditors wears thinner and debtor days get longer, savvy creditors like HMRC are issuing more and more aggressive legal actions

Like Winding Up Petitions for example!

Want to learn more - visit this page dedicated to that approach/technique.

If you have a threat of a winding up petition ACT NOW, call our expert advisors who can quickly help you choose solutions. 0800 9700539, or 01289 309431.

KSA has currently issued legal action to stop advertisement or injuncted 5 winding up petitions against our clients. We use an excellent law firm to assist - Masseys Law LLP

Wednesday, 2 December 2009

Recruitment Companies: another downturn after the "recovery"

We cannot claim this is an empirical data based observation, BUT we are seeing more enquiry flow from recruitment companies in recent weeks.

We are in dialogue with 6 recruitment companies right now about restructuring their businesses and in particular their HMRC liabilities. All have reported that sales have not recovered as expected when they set out to do deals with HMRC earlier this year.

Last week we completed a rescue of a £4m recruitment company in Scotland. This was a company voluntary arrangement (CVA) and was approved by HMRC with some tough negotiations and modifications.

What would the benefits be for a recruitment company going into a CVA?

•Company voluntary arrangements (CVA's) can improve cashflow, quickly.

•Stop pressure from tax, VAT and PAYE while the CVA is prepared.

•A company voluntary arrangement can quickly cut costs.

•Company voluntary arrangements can terminate employment contracts, leases, onerous supply contracts and all with NIL CASH COST.

•You can terminate landlords leases with NIL cost with a well written CVA! Unilaterally walk away from the lease, using our expertise.

•You can terminate directors or managers contracts too.

•Terminate onerous customer contracts.

•Board and shareholders generally remain in control of the company.

•Much lower costs than Administration or Pre-pack Administration

Tuesday, 1 December 2009

R3 Conference on Partnership Insolvency

I am speaking today at the R3 Partnership Insolvency Conference in sunny Manchester. I believe there may be spaces left on the final leg of this three venue course - London on 10th November.

Please contact Angela Laxton for details:
Association of Business
Recovery Professionals
8th Floor
120 Aldersgate Street
Tel 020 7566 4234
Fax 020 7566 4225
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