If your company is struggling to pay debts to its creditors but you believe that it has the potential to be a viable and profitable business again in the future, a Company Voluntary Arrangement (CVA) could provide an achievable company rescue solution.
A Company Voluntary Arrangement is a legal agreement between an insolvent company and its creditors, set up by a qualified insolvency practitioner. The CVA process allows an insolvent company to negotiate payment terms with its creditors for all or part of the debt over a period of time.
CVAs work both for the insolvent company and its creditors. They give the company and its directors space to breathe and the opportunity to work their way through their financial troubles; and they allow creditors to claim back money that they are owed.
As experienced experts, we can assess your company’s financial situation and determine whether a Company Voluntary Arrangement could be an effective solution to your company debt problems. We then act on your behalf and negotiate with your creditors to come to an agreement on payment terms and establish a Company Voluntary Arrangement.
Whilst Company Voluntary Arrangements may sound like the perfect solution to company debt problems, it is important to understand that they are not a viable solution for all insolvent companies. There are some criteria which must be met before a CVA can be considered:
The process for setting up a Company Voluntary Arrangement (CVA) begins with contacting Company Insolvency Advice. If your company is going through financial difficulties and you think that your company may be eligible for a CVA, get in touch with us ASAP via email, telephone or online chat and we can get the process started.
The whole process of setting up a Company Voluntary Arrangement usually takes around 6-8 weeks. It usually takes around one month from the point that you appoint us as your insolvency practitioner for the CVA proposal to be produced and posted to your creditors. Then the creditors’ and shareholders meetings are held to decide whether the CVA is approved.
We can help you to propose a Company Voluntary Arrangement to your creditors for payment of your debt at any time. So if you are struggling to pay your debts and starting to face pressure from your creditors, contact us ASAP for advice and help.
If you have already been issued with a winding up petition, or your creditors are threatening to issue one, then you may still have time to set up a Company Voluntary Arrangement and save your business if you act fast. If you fail to take action and the court rules in favour of your creditors, you will be issued with a winding up order.
If you do decide to go ahead with a Company Voluntary Arrangement proposal, then there are charges associated with this work. This is known as the ‘nominees fee’ and it varies depending on the amount of work involved and the particulars of your case. However, as these fees come out of the money paid to the creditors, it is the creditors who agree the fees.
We pride ourselves on our quality of service and competitive rates. We have helped many businesses all over the country to set up Company Voluntary Arrangements so that they can work their way out of their financial troubles. Simply contact us via telephone, email or online live chat and we can give you a more accurate indication of how much the procedure of setting up a CVA for your company is likely to cost.
You can contact us at any time via telephone, email or online live chat for advice and guidance on Company Voluntary Arrangements and other company rescue solutions. We can visit you at your office at very short notice for a consultation.