Voluntary Liquidation of an IT Company
“I just wanted to thank you and the team for helping me and indirectly my family through what was a very difficult time, both emotionally and financially. Wayne was fantastic at putting me at ease and throughout the whole insolvency process, it was less stressful than I had first anticipated; many thanks Wayne.
I must say the the professionalism and personal touch of the whole team was exemplary. From the first introductory meeting all the way through the final insolvency process. What was a significant factor in my decision to assign KSA Group was the feedback given by previous clients and the sensitive way in which my case was dealt with because the circumstance leading up to the difficult decision to apply for insolvency were extra ordinary. My deepest thanks to everyone and as promised I will ask the wife to bake some special KSA Group class cupcakes for the team to enjoy which I will deliver personally.
Many many thanks…
Liquidation Case Study
Training Company, London
A training company had grown fast mainly on the back of one key contract. A fast growth but not yet profitable business with good prospects, turned into sharply loss-making business when the contract came to a messy end.
The directors struggled on and tried to reduce employee numbers, but they were faced with tribunals and redundancy costs that the company could not meet. Even a company voluntary arrangement (CVA) could not help the company and it was time to liquidate it.
Within 24 hours the company ceased trading and the liquidator took control of all of the big issues. The directors soon bought out the name of the old business and the remaining contracts and set up again as a small (phoenix) company.
They learned the very OLD business lesson, turnover (from a big contract) is vanity, profit is sanity”.