A CVA allows a financially troubled limited company to reach a legally binding agreement with its creditors, enabling it to make payment of all, or (as is normal) a percentage of, its debts over an agreed period of time.
A CVA enables a limited company which is viable and profitable, but which has experienced bad debts or a one-off problem that has seriously affected its financial position, to continue to trade without the burden of pressure from its creditors, and under the sole control of its directors.
A major advantage of a CVA is that up to 80% of debts can be written off, with the balance to be paid being deferred by monthly instalments over a number of years.
Also, there is no investigation into the directors conduct, and no prospect of disqualification.
CVA is a legally binding agreement with the company's creditors, allowing as much as up to 80% of company's liabilities to be written off
Debts are significantly reduced, and by rescheduling the balance into regular monthly payments, cash-flow is dramatically improved
The business continues to trade under the control of its directors
Minimum disruption occurs (it is probable that customers will be unaware of the CVA)
CVA enables onerous contracts, leases, obligations etc. to be terminated
Legal action by creditors is stayed
No investigation into directors’ conduct
No calling-in of overdrawn directors’ current accounts
Enforcement action for arrears of VAT, PAYE/NIC & corporation tax can be stopped
All business loans can be fully written-off
We can stop all creditor pressure and will deal with creditors on your behalf
Any expensive or unnecessary leases or agreements can be terminated
Enforcement action can be stopped, protecting your company’s assets
Company liquidation can result in certain transactions being overturned or deemed to be voidable, resulting in personal liability. We will ensure no such circumstances arise
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