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Repay your creditors whilst continuing to trade
Company Voluntary Arrangements (CVAs) were introduced by the government in 1986 to offer an alternative to companies facing liquidation. These legally binding agreements allow you to repay your Company creditors over a negotiated time period, whilst continuing to trade.
Anderson Parker can help you to negotiate an affordable monthly repayment plan with your company’s creditors. CVAs are overseen by a Licensed Insolvency Practitioner who sets out the parameters of the agreement. This kind of arrangement usually leads to the repayment of debts within 60 months, and often a proportion of the debt is written off, making your company’s recovery even easier.
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What are the benefits of a Company Voluntary Arrangement?
Once a company enters into a Company Voluntary Arrangement, legal action such as Winding-Up petitions and Country Court judgements cannot be implemented. This means that your business can be protected from Creditor pressure and legal proceedings. A CVA allows your business to benefit from a more stable cash flow while effectively repaying your debts. In addition, at the end of the CVA any remaining unpaid debt is written off – even liabilities to HMRC.
How long will I have to pay?
Usually, the term of a CVA is around five years. These arrangements allow you the benefit of an extended repayment period to repay as much as you can afford.
We can negotiate an affordable monthly amount to be paid to your company creditors throughout this time.
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How Anderson Parker Can Help
We have a broad spectrum of partners in the Financial Services sector, making us ideally placed to find the best solution for you or your company’s financial situation. Anderson Parker specialises in HMRC debt and can help you with Time to Pay (TTP) arrangements, debts and arrears, Individual Voluntary Arrangements (IVAs), and much more.
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