P&I Data Services has launched an attack on its competitors, accusing them of spreading gossip among its customers and staff, relating to the reseller's recent company's voluntary arrangement (CVA).
Ian Summerfield, managing director of P&I, made the comments as the reseller received the final modifications to the CVA. P&I applied for a CVA in July after racking up debts of £1.7m.
Summerfield said: "Competitors have been approaching our customers and telling them that we have gone bust or are in receivership, and telling our staff they are going to be made redundant.
"In reality, our customers have stood by us because they see no reason to change. Our order book is full for the next eight months and it's business as usual," he added.
The final CVA was accepted by all creditors, according to Summerfield.
It includes 15 modifications that the P&I board must adhere to. These include the board being barred from incorporating a new company or business, or be involved in the management of another business for the duration of the CVA, which has been increased from three to five years.
Monthly payments are to be made by the company to pay off creditors.
These will be agreed by supervisors from chartered accountants Baker Tilly and Pannell Kerr Forster. Directors' pay will be monitored by a committee made up of key creditors.
For those that have been to the CRN Sales and Marketing Awards, one or several of these points will strike a chord!
The legal bit
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