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Thursday, 9 September 2010

CVA Rescues Building Company in the North East

I have updated our site with a case study that shows how a CVA can be a powerful tool in saving companies.

This particular building company encountered financial difficulties because of the costs incurred in the diversification of the business, in particular into electrical contracting.

The financial status was difficult with trade creditors owed some £40k and HMRC £110k. No creditors had started legal action and Employees’ claims in insolvency would have amounted to c.£100,000. So making people redundant was unaffordable.

The business had an overdraft facility of £150k with RBS. This bank is well known for blocking pre-pack administrations where the business is sold to the same directors.

So after a meeting with KSA Group a rescue plan was put together.

For details of how this building company was rescued please read our case study; CVA Rescues Building Company in the North East

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Many thanks for your comments. If you have a private business problem and you want advice give us a call on 0800 9700 539 or email me at keiths@companyrescue.co.uk. If you are a professional advisor with a troubled client, please suggest they visit www.companyrescue.co.uk or contact me as above.

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