Please visit for confidential help and insolvency advice or email

Monday, 8 April 2013

CVA versus Pre Packs; The Great Debate

Date: Wed 8 May, 6pm
Venue: Nabarro LLP, Lacon House, 84 Theobalds Road, London WC1 8RW
Cost: TMA Members: FREE, Sponsors: £40.00 (after allocated free places),
Non-Members: £40.00

The Great Debate: Pre-Pack Administrations versus Company Voluntary Arrangements

With H.M. Government’s Insolvency Service planning yet another review of the ‘current practices’ regarding pre-packaged administration sales (pre-packs), this thorny subject once again comes under the spotlight. The Insolvency Service estimates that 25 per cent of all administrations are pre-packs, of which around 85 per cent are sold-on to parties already linked to the company.

At the same time the Company Voluntary Arrangement (CVA) procedure, enshrined in law since 1986, remains a powerful and effective turnaround tool, yet less than 800 were entered into last year – a surprisingly low number for an economy full of stressed and distressed, debt- laden companies.

This evenings meeting, part of the nationwide activities of the TMA (UK) will commence with a welcome to Nabarro LLP - a new host & venue for the TMA (UK) - and an introduction to the evening’s presentations and debate.
Following this will be a presentation from a protagonist from each ‘camp’ who will argue the merits of their case accordingly.

In the pre-pack ‘corner’: David Dunckley, Partner, Grant Thornton plc and ‘standing up’ for CVAs: Keith Steven, Founder & CEO, KSA Group Ltd.

Opinions will be aired, questions - and perhaps voices - will be raised...........which instrument is legally more sound, commercially more effective or morally more correct? Should current legislation be amended on pre-packs? The Insolvency Service are proposing a 3-day notice period for creditors, does this negate the pre-pack concept? What is holding back the number of CVAs in use? Is the Insolvency Profession unduly biased, and if so, why?
A lively debate will no doubt ensure and attendees will be encouraged to participate during the questions & answers session.

Following this, and what may well be a welcome interlude before the debate spills over into the networking session, Alan Tilley, Principal - Bryan, Mansell & Tilley and Chair of the Standards & Admissions Committee (EACTP) will update the meeting on the recently launched EACTP (European Association of Certified Turnaround Professionals) accreditation programme.

Hospitality has been provided by this evenings event sponsor KSA Group Ltd.
 This evening’s speakers:
David DunkleyDavid Dunckley , Partner - Grant Thornton UK LLP
David is the Head of the National Mid-Market team in Grant Thornton's Advisory Practice. He specialises in advising underperforming businesses and their stakeholders.

David's experience includes both formal insolvency work, turnaround work, strategic business reviews, pre-lend reviews and due diligence assignments. Recent noteworthy assignments include administrator of Saab Great Britain Limited, St Luke’s Healthcare and the Castlebeck Group. David also recently completed the sale of Seymour Pierce via a pre-packaged sale.

David works across a wide range of industry sectors including automotive, healthcare and professional practices. He is a member of the firm's Professional Practices Group and regularly works with underperforming firms and their lenders.  Grant Thornton

Keith Steven, Founder & CEO - KSA Group Ltd
Keith Steven of KSA Group Ltd has been rescuing and turning-around companies since 1994; he has worked for insolvency firms, turnaround funds and venture capital investors. Keith formed his own turnaround practice, KSA Group Ltd in 2001, and he is acknowledged as an expert in the delivery of CVAs for SME companies faced with financial difficulties.

Keith Steven
Keith has contributed greatly to the understanding and application of CVAs through the numerous pages of advice and information contained on his various CVA-related websites; his CVA proposal ‘model’ is recognised by many in the industry as ‘best in class’. To put forward the case for CVAs in this evening’s presentation, Keith will draw upon those instances where a CVA was a better option than a pre-pack sale, and by which companies were successfully rescued for the long-term benefit of creditors, stakeholders, directors and employees.

KSA Group is one of the leading turnaround and insolvency specialists in the UK, with offices and representatives in London and across the country. Their priority is company rescue, not corporate closure. The company developed the UK's first on-line turnaround and support site,, with over 1,500 pages of free information, PDF guides, FAQ's, flowcharts and case studies - information freely available, and of great value, to directors and advisors of struggling businesses.

KSA Group is delighted to sponsor this evening’s event and is proud to be a Corporate Sponsor of TMA UK.



Nabarro LLP
Lacon House
84 Theobalds Road

Please click here for map to location.

If you would like to come along please call Robert Moore on 020 7877 0050 or email

No comments :

Post a Comment

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 If you are a professional advisor with a troubled client, please suggest they visit or contact me as above.

Web Analytics