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Thursday, 9 September 2010

CVA rescues recruitment business in Scotland

Another good case study of how a CVA can help rescue a recruitment business.

A Scottish based recruitment business had seen its turnover fall from a peak of £6.75m in 2007 to c. £3.5m in 2009/10. The recession caused this sharp decline in sales as companies stopped hiring.

Most particularly the business had suffered from bad debts from customers linked to the construction industry.

If you listen to critics in Scotland they will tell you that no CVA’s are supported by HMRC! On the contrary the HMRC team that deals with Scottish CVA’s attended the meeting and took part in the process. The CVA vote was 100% in favour and the CVA was accepted by creditors in December 2009 paying 33p in £1. The business continues to trade well.

Read our full case study on how KSA Group used a CVA to rescue a recruitment business

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