A Company Voluntary Arrangement (CVA) is an alternative to liquidating your limited company allowing it to trade out of its financial difficulties over a specified period of time. It allows you as a director to retain control of your company and continue to trade without the burden of historical debts that can be a significant drain on cashflow.
Focus Insolvency Group will conduct a full review of the company’s cashflow and restructure the monthly payments to establish the amount affordable and the period over which it is to be paid (usually 60 months).
CVA’s provide a higher return to creditors than the alternative of Compulsory Liquidation due to the huge saving in associated costs and are therefore are widely recognised across the industry. HM Revenue & Customs have a department set up solely to consider proposed CVA’s and providing it can be shown the Company can trade at a profit they are more than happy to consider the offer on the basis they will get a much better return. They are often willing to put any enforcement action on hold that may be in progress.
We will assist you every step of the way in restructuring the Company to ensure it is profitable and draw up the company proposal.
Once the proposal is agreed by creditors they cannot demand any changes to the proposal and providing the company maintains the agreed payments it will be debt free within the agreed time scale.
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