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Managing director of Perfection Alloys, Fraser Dick, speaks about how hard decisions and empathy from his insolvency practitioner helped his business successfully weather insolvency. Seven years ago, vehicle refurbishment business Perfection Alloys ran into trouble. Despite a turnover of more than £2m, the company experienced a cashflow issue which resulted in entering a CVA to rescue the business. “We were owed massive amounts of money that we were struggling to collect,” says Fraser Dick, managing director of Perfection Alloys. “And we owed a big amount to the revenue.” The business had expanded very rapidly, starting with its two MDs, Dick and Simon Gudgeon, and growing to 55 staff in the space of three years. “We just got so busy and so large so quickly that there was no real structure. It was naivety because neither of us had run a business before,” says Dick. ....