Struggling to pay your creditors? Facing a cashflow crisis? It is just this sort of situation where a CVA (Company Voluntary Arrangement) might be used to keep your business going and bring it back onto a sound footing.
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Many companies have delayed paying VAT and tax debts by using the government “Time to Pay” scheme. This however merely defers payment by 3-6 months and still leaves the problem.
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Individual Voluntary Arrangements were designed to help directors with personal debt problems. We look at the situations in which you need to take care to avoid impacting your company credit rating.
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An IVA is a legally binding agreement between the debtor and their creditors. However, in order to apply for an IVA, the debtor must comply with strict criteria.
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If your business is is facing a cash flow crisis, pre-pack administration should be considered as a rescue solution. However, the liquidator of the old business has a duty to reclaim any money owed by the company’s directors. This may in turn leave the directors at risk of personal insolvency.
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