CVA’s have been largely overlooked and most directors are not even aware they exist. A CVA is a legal arrangement between the company and its creditors. To enter a CVA a company must be considered insolvent or already be in liquidation.
Why pay for business advice?
At the Insolvency Practice we help over 100 Directors a month, so no matter what you are facing we will be able to assist you. In these difficult times it is important to get some free advice if you business is struggling… unprecedented levels of support have been provided by the Government and if you decide to close your company we can explain all the options available.
You probably have more options than you think… new rules were introduced 6th April 2017 and since then closing your company has become much easier and far less expensive.
Over 10,000 companies have tried our
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Recovery Plans
In many situations, a Business Recovery Plan is a very realistic course of action to take.
A recovery plan tailored to your unique circumstances examines every aspect of your business and will identify key areas of improvement for you. A company may implement its own internal recovery plan or call in external assistance from a Licensed Insolvency Practitioner. Using a ‘fresh pair of eyes’ can really help and also offers transparency to creditors and everyone involved.
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CVA’s
CVA’s have been largely overlooked and most directors are not even aware they exist.
Individual Voluntary Arrangements (IVAs) have become increasingly common and are popular with sole traders looking to avoid bankruptcy. A Company Voluntary Arrangement (CVA) works in exactly the same way for limited companies. It allows us to negotiate with your creditors to repay what is affordable to the Company...which may only be only a small percentage of what is owed. a CVA will also protect the company from debt collectors and further legal action.
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Liquidation
Directors can now claim redundancy from the government
Often referred to as business bankruptcy, liquidation allows Directors to walk away from the company's unsecured debts and start again. A Creditors Voluntary Liquidation (CVL) is agreed by the shareholders when it is clear the company has no future. This is by far the most common choice for insolvent companies and is relatively inexpensive.
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Administration
Administration can buy your company time and enable an emergency strategy to be formulated.
If a company is under pressure from creditors and struggling with cashflow, administration should be considered. It stops any further action and gives the administrator the opportunity to address the core problems and prevent the business going bust. An administrator can be appointed by the company directors, a court following petition or a secured creditor.
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If you’ve decided to close your business and move on then it is important you understand the options available. You may be able to avoid the cost of liquidation and close your company online in a more affordable way. At the Insolvency Practice we can explain all your options and ensure the process is as quick and straight forward as possible.
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More and more businesses are facing the prospect of legal action or an enquiry from HMRC. We understand how daunting this can be and have a specialist team that deals exclusively with HMRC. We are able to speak to them on your behalf and even if you have received a winding up order we should still be able to intervene.
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If you are being threatened by creditors and have outstanding bills, you need to take immediate action. If the problem is not addressed quickly it may be too late to save your business and you could become personally liable for the debts. At The Insolvency Practice we can ensure you remain protected and show you the best way to clear your debt.
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