A Lifeline for Business. KSA Group. Company Voluntary Arrangements Seminars for TMA UK CVA Case Studies. TMA Edinburgh 19 th February 2013
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1 KSA Group Company Voluntary Arrangements Seminars for TMA UK CVA Case Studies TMA Edinburgh 19 th February 2013
2 CVA: the Best Recovery tool? Why don't CVAs get used in the UK? Fewer than 800 last year Government wants Company Rescue Culture Wants us to use CVA (and Administration) But insolvency professionals often ignore them HMG does not promote them Most advisors not up to speed on them
3 So what is a CVA? Flexible deal structure Pay X pence in 1 over Y period to be agreed Control directors remains in control Time defined period to conclude the deal Cost effective Terminate unwanted lease obligations, contracts and staff Case studies on this later Flexible and powerful
4 Learning more? We don t have time for a full session on CVAs So...please see our Expert Guide to Company Voluntary Arrangements contained on your free Professional Toolkit It also covers all other options too Is not that technical!
5 CVA Case Law This is the most important Appeal Court case Doorbar v Alltime Securities
6 Doorbar v Alltime Security (1994) BCC 994) The Court of Appeal dismissed appeals by Alltime from two decisions of Knox J in which he held that a debtor's future liability under a lease was included in an individual voluntary arrangement and that there was no unfair prejudice or material irregularity in approval of the arrangement Thus unascertained or future creditors can be bound by a voluntary arrangement Therefore, can argue this applies to all contracts in essence EXAMPLES? JJB Sports plc, Blacks Leisure plc, Travelodge
7 What about HMRC? Combined Voluntary Arrangement Service (VAS) based in Worthing, all cases go to VAS inc Scottish Tax collection teams across the UK know about CVAs They collect and use field officers, CCJs and distraint Enforcement & Insolvency Departments Enforcement & Insolvency is typically one step from a WUP They issue 7 day warnings after failed TTPs Would prefer a CVA to nil collection but wont wait for ever
8 HMRC Action We hear this everyday: HMRC WILL NOT SUPPORT CVAs Rubbish! HMRCs own 7 day warning letter advises debtors to consider CVA! HMRC supports CVAs that are fit, fair and feasible
9 CVA Downsides We file a CVA certificate at Companies House Because credit rating agencies do not understand CVAs, no credit rating Tendering for Government work difficult or impossible Err, what about the RESCUE CULTURE? Bank s cost of capital
10 CVA Hive Down Solutions to this no credit rating problem? The hive down, or hive out What is a hive down? Simple transfer of business and assets to new subsidiary in exchange for shares & probably a management fee, this pays for the CVA Newco has a credit rating! Suits the construction sector or suppliers to public sector Hive out? Effect M&A of business, avoid pre-pack meltdown Creditors get dividend, supply newco
11 CVA Summary The company voluntary arrangement tool is Flexible Powerful Terminate contractual obligations, leases and costs Done properly allows a deep restructure of the client s business Not a panacea Change needed - management especially
12 An Edinburgh CVA Case Study We shall call it MB Recruitment Ltd Contacted KSA late 2009 Temps and permanents - Central belt Construction 50% of trade, hit hard post crash Could not downsize fast enough, redundancies etc Closed Glasgow office but still built up debts 1.35m unsecured debts 1.1m was taxes
13 CVA Case Study What we proposed CVA led restructure strategy Contains creditor pressure, KSA control HMRC and trade creditors daily: sharply improves cashflow Either exit property or agree sub let Rent cut by half Glasgow dilapidations bound into CVA Refocus directors on running the business (not firefighting) Replaced factoring company with more flexible provider Revitalise the board and management with NED Compromise unsecured debts
14 CVA Case Study New factor took out clearing bank ID facility BEFORE the CVA was approved by creditors CVA Deal? 33p in 1, thereby writing off 890k Profit ratchet if forecast exceeded Successful 3 years in CVA Lost contract and wanted to exit CVA Revised CVA in year 3 supported by factoring company One off loan
15 CVA Case Study KSA negotiated with VAS and creditors Revised to 26p in 1 full final settlement Agreed in January 2013 Company now exited CVA and trading well
16 Scottish Case Study 2 Scaffolder Director submitted an on-line enquiry to discuss the company s present financial situation with KSA A meeting was held between the director and KSA regional manager; Derek Robinson CVA option chosen In the year to 30 th June 2011 the company turnover was c 1.3m whilst it made a loss of c 74k Draft accounts to 30 th June 2012 show a similar picture t/o c 1.5m with a loss of c 96k
17 Scottish Case Study Encountered financial and operational difficulties because: Burglary to the companies premises resulted in key contract and accounting information being stolen. Financial controls failed Two major new build contracts, combined value of 500K, but c 270K of additional variations The FD failed to attempt collection of variations - unpaid The former finance director had also not maintained HMRC compliance or payments! The FD had left the company just before we met directors!
18 Scottish Case Study CVA was solution and is live now Landlord Legal action: attempted a court writ for a warrant to arrest the client s funds to stop vacation Proposed vacation retracted, legal action ceased with KSA help CVA has been used to determine 3 finance agreements Unsecured creditors of c 406.5k inc. HMRC at c 239.5k (59%) Employees CVA has meant that 19 jobs have been saved HMRC approved CVA - standard modifications - 30 th January 2013 CVA should be approved by the creditors on 18 th February 2013 Dividend 48p in 1 (CVA contributions include c 67k equity release from property in year 4)
19 CVA Summary CVA is the best recovery tool for so called zombie companies, those threatened with winding up and or in need of deep restructure! Please see New website for the CVA market! Every CVA listed Any questions?
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