Can anyone share their experiences in dealing with Xtra-IT as an agency?

[Gentile]

the cash at the bank for an agency indicator is not really the main thing, after all they should be paying the majority of this out each month, plus its a snapshot of a single day - i would say assets against liabilities is much more useful

accounts were last filed though in May 11 - so seem to be late submitting the next set though.

As far as getting paid is concerned, I'd say it is everything. I don't care if their MD drives a company car that brings their net assets back to zero. I do care if they can't pay me my last invoice because there's no cashflow. If an agency's got <£150k CAB, that's a concern to me and my rate will reflect the risk I perceive.

[wat007]

Game over

Depressingly, it looks like it may be game, set and match to XTRA. They have filed for a Company Voluntary Arrangement or CVA.
It looks, on the surface, as though this will allow them to ring-fence old debt and pay that back at reduced terms, potentially at pennies in the pound over several years, while happily carrying on trading.
They claim to have "significant assets" and also suggest that they want to pay in full, but over time. However, frankly, nothing they say can be taken seriously or as truth by this creditor.
We'll need to wait and see what the proposal is but, if I'm going to lose my hard earned cash, then it would be in my nature to make it my mission in life to shut them and their directors down for good.
Let's at least start the ball rolling by warning fellow contractors to steer well clear of XTRA. Spread the word.

[SupremeSpod]

Depressingly, it looks like it may be game, set and match to XTRA. They have filed for a Company Voluntary Arrangement or CVA.
It looks, on the surface, as though this will allow them to ring-fence old debt and pay that back at reduced terms, potentially at pennies in the pound over several years, while happily carrying on trading.
They claim to have "significant assets" and also suggest that they want to pay in full, but over time. However, frankly, nothing they say can be taken seriously or as truth by this creditor.
We'll need to wait and see what the proposal is but, if I'm going to lose my hard earned cash, then it would be in my nature to make it my mission in life to shut them and their directors down for good.
Let's at least start the ball rolling by warning fellow contractors to steer well clear of XTRA. Spread the word.

You haven't got a cat in hell's chance.

Have a look at Solomon Williams' past and you'll see why. I only lost about £5k, a guy working over in Finland lost ~£20k.

[MadAtXtraIT]

CVA isn't a done-deal

Folks
A CVA isn't a done deal and unless 75% or more of the creditors agree to it then the CVA isn't worth the paper it's printed upon.
It's simply a stalling technique used to buy time until they eventually fail [IMHO] so we should be getting the word out that they are in diffs and they are obliged to hold a creditors meeting to vote on the proposed CVA. If the terms are crap, simply vote no and they'll either have to propose a better plan or apply for [voluntary] liquidation.
I know at least two contractors owed almost 6 months wages between them as well as 8+ months worth of expenses so the debt is significant [min £50K ].
I do agree with the sentiment that if this CVA is crap, we hound the directors to ensure they can't repeat this unless they pay what is owed.
Also get some legal advice around your position - they've breached the T&C of your contract by not paying you in their agreed method, so your lock-in period etc may not be enforceable, so you may be able to approach another agency to take over the contract on your behalf and get a better rate to boot [assuming your client is happy with your product]
Hope this helps.

[Scoobos]

Look on the bright side.. at least now you will score well on the entity test...

lol, as someone who's had this - he's not joking!

[wat007]

So now we're getting down to business

Ok. So now we're starting to get more info on these characters. By way of sharing, I'm owed a decent 5 figure sum. Has anyone else been asked to go with the spin-off company? Let's name it, find out who owns it and work from there.
Is anyone else contracted through Xtra's to their main client (the big red database company)?
What are Xtra's "significant assets" that they hope to realise?

[wat007]

Name the spin-off

Hi.
Can anyone name the spin-off company / reveal the company number?
I've heard it's DWI / DWI-C / something like that.
I'd like to research them.

[BA to the Stars]

Hi.
Can anyone name the spin-off company / reveal the company number?
I've heard it's DWI / DWI-C / something like that.
I'd like to research them.

Have you had a look on the Companies House website as a starting point?

Good luck, hope it works out well

[Safe Collections]

Folks
A CVA isn't a done deal and unless 75% or more of the creditors agree to it then the CVA isn't worth the paper it's printed upon.
It's simply a stalling technique used to buy time until they eventually fail [IMHO] so we should be getting the word out that they are in diffs and they are obliged to hold a creditors meeting to vote on the proposed CVA. If the terms are crap, simply vote no and they'll either have to propose a better plan or apply for [voluntary] liquidation.
I know at least two contractors owed almost 6 months wages between them as well as 8+ months worth of expenses so the debt is significant [min £50K ].
I do agree with the sentiment that if this CVA is crap, we hound the directors to ensure they can't repeat this unless they pay what is owed.
Also get some legal advice around your position - they've breached the T&C of your contract by not paying you in their agreed method, so your lock-in period etc may not be enforceable, so you may be able to approach another agency to take over the contract on your behalf and get a better rate to boot [assuming your client is happy with your product]
Hope this helps.

If a number of contractors are out of pocket it may be worth getting together and looking at blocking the CVA if you have enough votes. If you can block the CVA it may be worth looking at winding the company up and putting in your own insolvency practitioner to find out exactly what happened to the funds in the firm.

It is a long shot as far as getting any monies paid, but having the accounts investigated by an IP will no doubt be illuminating!

[zconsultant]

any news ???

hi guys any news from this CVA.