Crewing Doctor
It's time to remove the rose-tinted spectacles.
The company has debts of many millions of pounds.
It benefits the few remaining employees if it soldiers on for a short time more but there is every risk that one of the creditors like a handling agent, airport or fuel company will try to shut the company down. We have no control over that.
Instead of trying to battle on under this CVA agreement they would be better going for formal administration. The company then has protection from its creditors who cannot shut it down by calling in the debts owed. The staff who have been laid off will be clearly and undisputably entitled to redundancy and back-pay claims. At the moment their entitlements and rights are less than clear.
If an administrator is appointed to run the company's affairs then they will be able to decide if there is a viable business going forwards. If they decide that there is a viable business then those who are still employed will have greater certainty by having a job and the knowledge that a handling agent or fuel company can't pop up at a moment's notice to try to shut the company down and put them out of work.
If an administrator concludes there is no hope of it trading profitably then surely we would all be better served by stopping this charade now.
I don't care what you say - the present situation benefits PGS and PGS only. By putting the business into administration he would recognise that his shareholding is worthless and he is not prepared to do that. By continuing as we are - under this airy fairy CVA with no protection from creditors - he is risking being able to salvage nothing from the sorry mess because any creditor could try to have the company shut down. He is relying on the fact that no-one will try it to scrape through. That's a hell of a bet. If you're lucky enough to be one of the few still there then it's great for as long as it lasts. I just don't know how long it will or can actually last. I would be pissed off if my future was being betted on the pure goodwill of the creditors when there was another option. Many of them are rather pissed off right now and you just don't know what they are going to do about it.