Once approved at a meeting of creditors, a CVA is a binding agreement or contract between a company and its creditors. A CVA is an extremely flexible rescue procedure that prevents creditors taking further action provided the company adheres to its agreement with its creditors.
If the CVA is the best option available, we will assist with the preparation of the proposals which are presented at the creditors’ meeting. The proposals set out the requirements of the company such as a contribution from future profits or a lump sum payment from a re-financing. Creditors will often be willing to accept payment of a proportion of the outstanding debt in full and final settlement with the remaining balance being written off by them.
Once the proposals are approved by creditors, the directors remain in control of the company whilst the procedure is managed by a licensed insolvency practitioner known as a 'Supervisor'.
Our general practice experience within the SME marketplace provides us with a full understanding of the stresses and difficulties in running a small business. We recognise that taking advice as early as possible is crucial to ensure that as many options as possible are available to you.
We are able to provide a highly personalised, compassionate and value-for-money service to all clients. Our work is partner-led so that you receive a high level of expertise and experience at all times. Once we fully understand the problem, we offer practical and constructive advice which is specific to your situation. We will explain the options available to you, answer any questions you may have and work with you to provide a tailored solution.
We offer a free initial consultation (on a confidential basis) to fully understand your specific circumstances. Please contact us on 020 7523 5322 or e-mail email@example.com