After our initial meeting with ias a partner returned for a more in-depth discussion. This led to our appointing ias.
We were taken aback by the speed and efficiency in which they operated. Within days ias were supplied all the information needed. If we can give any warning to any new clients of ias be prepared for a few late nights these guys don’t sleep until they have every bit of information they request (and usually a bit more!). By day 4 they had provided us new accountants - commenced new banking facilities - arranged short term factoring (without personal guaranties!) we had a new set of lawyers and kept all of our creditors at bay.
By day 10 all of our creditors had been contacted by ias this is important because it reflected our genuine concern for the creditors. We did not want them to lose - nonetheless we had to protect ourselves, our company and very importantly our employees some of whom had been with us for over 20 years.
After a few more consultations we were able to put in place a plan - although ias leads the way the final decision is always ours - in a matter of 5 weeks they had completely turned the business around. We did a CVA this is where we offer the creditors some of their money back, in our case 70% of it, over a 5 year period. We owed (a lot more than we thought!) £2.4 million - we saved the company - we saved nearly £700,000, we were provided 5 years to repay the debt - without any interest - we saved our homes, families and sanity!
We had to use the services of an insolvency practitioner it was only once they were appointed that we started to realise the power that they could have had over us had ias not have been there. Although ias is licensed and practices Insolvency they do not act for the creditors they act for and protect us - a licensed Insolvency Practitioner if acting as the liquidator, receiver or supervisor cannot do this, his duty by law is to the creditors - he may then be acting directly against you and certainly cannot be relied upon or trusted as a person that will help you above your creditors.
For the 1st time in 8 years - we have money in the bank, no borrowings and are looking, cautiously, to expand. However, we will not move one inch without first talking to Michael at ias as he is the light at the end of the tunnel so many talk about.
At the end of the day - if you are in the same situation we were and you do not know ias chances are you are finished because there is nobody out there that provides such a professional service and has been doing so for so long, in excess of 20 years. As for anyone thinking of going to an Insolvency Practitioner - think again - it would be madness, if in doubt please call me. We can never thank Michael and his team enough for what they have done and continue to do for us.
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