Company Voluntary Arrangement (CVA)
When a company cannot afford to pay its debts, a CVA is a powerful and flexible way to rescue the business. Using a CVA, a repayment plan is agreed with the creditors, allowing the company to carry on trading and agreeing a more favourable outcome for creditors than if the company was simply wound up.
A CVA usually deals with all the company’s unsecured creditors – in other words, it will include amounts owing to trade creditors, unpaid business rates and tax debts due to HM Revenue and Customs. Even if a ‘Time to Pay’ agreement has previously been refused by HMRC, a CVA may still be agreed.
As a CVA is a legally-binding agreement, there is a strict procedure which must be followed and it does depend on the agreement of a certain majority of the creditors. As licensed practitioners, we have the expertise and experience to guide you through the process from start to finish, from helping you to determine whether a CVA is the right option for your company, through to implementing the arrangement.
If you would like further information on Company Voluntary Arrangements call our national helpline today on 01709 331300 or email firstname.lastname@example.org