Former Haines Watts unit gets CVA approval

A former business unit of Top 20 accountancy firm, Haines Watts, has had a
company voluntary arrangement approved by creditors.

Accountancy Age understands that a creditor meeting was held this week which
was accepted by more than 98% of creditors by value.

The unit, previously titled HWCA, was a grouping of Haines Watts practices
formed in 2005. Following a consultation the group decided to transfer the
practices back to Haines Watts regional businesses through management buyouts
and change its name to Sixonethreeone.

The unit was left with more than £4m in assets from buyouts however it
confirmed there were currently more liabilities than assets.

Earlier this year the group was issued a winding up order by a former
director to be heard in court next week.

Accountancy Age understands Sixonethreeone’s solicitors are now seeking to
have that winding up petition struck out following the approval of the CVA.

It is estimated Sixonethreeone owes the taxman £1.9m and a further £1.9m to
former directors.

Further reading:

Haines Watts unit heading for CVA

snaps up Haines Watts Business Recovery

Related reading