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Thursday, 17 March 2011

Company Voluntary Arrangement Seminar Yesterday

Yesterday, KSA Group held the inaugural seminar on Company Voluntary Arrangements in Moorgate EC2.  The session was well attended and the delegates received an intensive introduction by Keith Steven  on how the CVA mechanism is one of the best rescue tools available. Keith also demonstrated that it is very much underused as a recovery tool and quite often misunderstood. 

We went through the law that sets out the CVA mechanism, recent case law, and  the practical steps needed to ascertain if a distressed company is suited to the CVA procedure. The delegates had 3 tests, to win a bottle of Champagne, on many aspects of insolvency and CVA's to check they were listening and learning! 

Using a  real case study for a London furniture retailer Keith took the attendees through the case from day one when we were first contacted, through the difficult phase of making people redundant  to the end CVA deal and  ongoing restructure of the business. 

The delegates found the power of the CVA to terminate employment contracts and property leases fascinating.

The competition winner was John Green of Maxxus Associates, who had a firm grasp on what was needed to promote the CVA as the rescue tool of choice for struggling businesses. Well done John and to the others who were close on his tail!

So finally, a special thanks to everyone who came along and participated.  We will be holding another one soon in another part of the country.  Watch this blog for details or email if you wish to attend the next session.

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