Is it time to make a change? If your company is in significant arrears with creditors and under the threat of legal action being taken against you, then you will need to make some serious changes to the company. Failing to take any action at this point in time will likely lead you to formal insolvency procedures to close the company. If significant changes must be made you might consider: ➡️ A company voluntary arrangement (CVA) A CVA is a legally binding agreement between you and your creditors where debt payments will be restructured to provide you some relief over a specified period of time. With the pressure from your creditors eased, the aim’s for you to continue trading and get the business back on track. Once in place, it will give you protection from creditors taking any legal action against you. Your creditors receive a guarantee and peace of mind that the debt owed will be paid. For a CVA to be an option, there needs to be confidence on your business returning to profitability. This will be evaluated by an Insolvency Practitioner and the company directors; if the outlook is negative and the company will still likely struggle then unfortunately a CVA cannot be used. ➡️ Prepack administration If your company still has a robust cash flow, active client base, valuable assets and the potential for future growth, but creditors are threatening insolvency to get paid, then a pre-pack administration could be an option for you. It allows for your company and its assets to be sold to either a third party or even existing directors. This way the business can keep trading with little disruption as a new company. This may sound like a straight forward option but there are complex rules governing the use of pre-pack administration. You’ll need to discuss it with an Insolvency Practitioner to ensure everything’s managed correctly. If your business needs to make significant changes, it's time to talk to TruSolv: ➡️ 0808 196 8676 ➡️ help@trusolv.co.uk #Insolvency #Debt #Recovery
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A Company Voluntary Arrangement, or CVA, provides an exit from administration that repays a proportion of debts and halts creditor action against you. It could be an option if your company is deemed viable for the future by a professional insolvency expert, and therefore stands a chance of returning to profitability. But what does the process involve, and could it be the right choice for your business? We provide a timeline of events below, and a little insight into the main aspects you need to consider before taking out a CVA. https://lnkd.in/ee9taj9S
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A Company Voluntary Arrangement, or CVA, provides an exit from administration that repays a proportion of debts and halts creditor action against you. It could be an option if your company is deemed viable for the future by a professional insolvency expert, and therefore stands a chance of returning to profitability. But what does the process involve, and could it be the right choice for your business? We provide a timeline of events below, and a little insight into the main aspects you need to consider before taking out a CVA. https://lnkd.in/eJ53F-Kj
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A Company Voluntary Arrangement, or CVA, provides an exit from administration that repays a proportion of debts and halts creditor action against you. It could be an option if your company is deemed viable for the future by a professional insolvency expert, and therefore stands a chance of returning to profitability. But what does the process involve, and could it be the right choice for your business? We provide a timeline of events below, and a little insight into the main aspects you need to consider before taking out a CVA. https://lnkd.in/e6ajeYHc
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Providing financial, restructuring and insolvency advice to companies and individuals in London and the South East
A Company Voluntary Arrangement, or CVA, provides an exit from administration that repays a proportion of debts and halts creditor action against you. It could be an option if your company is deemed viable for the future by a professional insolvency expert, and therefore stands a chance of returning to profitability. But what does the process involve, and could it be the right choice for your business? We provide a timeline of events below, and a little insight into the main aspects you need to consider before taking out a CVA. https://lnkd.in/ehGWBXvC
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begbies-traynorgroup.com
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A Company Voluntary Arrangement, or CVA, provides an exit from administration that repays a proportion of debts and halts creditor action against you. It could be an option if your company is deemed viable for the future by a professional insolvency expert, and therefore stands a chance of returning to profitability. But what does the process involve, and could it be the right choice for your business? We provide a timeline of events below, and a little insight into the main aspects you need to consider before taking out a CVA. https://lnkd.in/es3NTQMr
The Company Voluntary Arrangement Process – How does it work?
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A Company Voluntary Arrangement, or CVA, provides an exit from administration that repays a proportion of debts and halts creditor action against you. It could be an option if your company is deemed viable for the future by a professional insolvency expert, and therefore stands a chance of returning to profitability. But what does the process involve, and could it be the right choice for your business? We provide a timeline of events below, and a little insight into the main aspects you need to consider before taking out a CVA. https://lnkd.in/eghfnMee
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A Company Voluntary Arrangement, or CVA, provides an exit from administration that repays a proportion of debts and halts creditor action against you. It could be an option if your company is deemed viable for the future by a professional insolvency expert, and therefore stands a chance of returning to profitability. But what does the process involve, and could it be the right choice for your business? We provide a timeline of events below, and a little insight into the main aspects you need to consider before taking out a CVA. https://lnkd.in/ednj8xpx
The Company Voluntary Arrangement Process – How does it work?
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A Company Voluntary Arrangement, or CVA, provides an exit from administration that repays a proportion of debts and halts creditor action against you. It could be an option if your company is deemed viable for the future by a professional insolvency expert, and therefore stands a chance of returning to profitability. But what does the process involve, and could it be the right choice for your business? We provide a timeline of events below, and a little insight into the main aspects you need to consider before taking out a CVA. https://lnkd.in/eXYN6z5N
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A Company Voluntary Arrangement, or CVA, provides an exit from administration that repays a proportion of debts and halts creditor action against you. It could be an option if your company is deemed viable for the future by a professional insolvency expert, and therefore stands a chance of returning to profitability. But what does the process involve, and could it be the right choice for your business? We provide a timeline of events below, and a little insight into the main aspects you need to consider before taking out a CVA. https://lnkd.in/ePstezXA
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A Company Voluntary Arrangement, or CVA, provides an exit from administration that repays a proportion of debts and halts creditor action against you. It could be an option if your company is deemed viable for the future by a professional insolvency expert, and therefore stands a chance of returning to profitability. But what does the process involve, and could it be the right choice for your business? We provide a timeline of events below, and a little insight into the main aspects you need to consider before taking out a CVA. https://lnkd.in/ekevM62n
The Company Voluntary Arrangement Process – How does it work?
begbies-traynorgroup.com
