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PHILLIP ROBERTS & PARTNERS
BUSINESS RECOVERY & INSOLVENCY PRACTITIONERS
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Long established practice with experienced insolvency professionals | Practical advice given to businesses and individuals
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COMPANY VOLUNTARY ARRANGEMENTS
You have faith in your Company; it is strong and viable, but cash flow difficulties are leading to creditors concerns.
What can be done?
MORE OPTIONS THAN YOU THINK
What is a CVA?
A Company Voluntary Agreement (CVA) enables Companies to gain time whilst reorganising its finances and can return the Company to profitability. It can help increase cash flow and allow the Company to continue trading whilst reduced its debts.
A CVA forms a legally binding agreement between the Company and its creditors. It is where an insolvency procedure allows a company with debt problems or insolvent to reach a voluntary agreement with its business creditors regarding repayment of all, or part of its corporate debts over an agreed period of time. A Company Voluntary Arrangement (CVA) can be applied for by; the agreement of all directors of the Company, the legal administrators of the Company, or the appointed Company liquidator.
A CVA can only be implemented by an insolvency practitioner who will draft Proposal for the creditors. A meeting of creditors is held to see if the CVA is accepted. As long as 75% (by debt value) of the creditors who vote agree then the CVA is accepted. All the Company creditors are then bound to the terms of the proposal whether or not they voted. Creditors are also unable to take further legal actions as long as the terms are adhered to, and existing legal action such as a Winding Up Order ceases.
During the CVA, payments are made in a single monthly amount paid to the insolvency practitioner. The fees charged by the insolvency practitioner will be deducted from these payments. The Company is not required to fund any further costs.
There are some legal issues which should be considered before entering into a CVA, which your insolvency practitioner will advise you about.
TO HELP YOU THROUGH THE PROCESS AND DISCUSS THE OPTIONS CALL ONE OF OUR EXPERIENCED PRACTITIONERS WHO WILL PROVIDE ADVISE AND SUPPORT AS YOU MAKE YOUR DECISION.