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.
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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 like the Insolvency Practice. 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 write off much of your company's debt. It establishes an affordable repayment plan and protects your company from further action.
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Liquidation
Directors can now claim redundancy from the government
Often referred to as business bankruptcy, liquidation allows a company's unsecured debts to be written off and means as a director you can 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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