Business distress is becoming increasingly common. Many ventures these days are prone to downturns that can put them into the red. When you factor in big bills from suppliers or customers going insolvent alongside obligations to HMRC such as VAT and corporation tax it’s easy to see how debt can suddenly become unmanageable.
Finding your organisation in a similar situation? Don’t worry. With a company voluntary arrangement ("CVA") you may be able to get your finances back on track faster than you realised. This simple legal measure allows you to consolidate all company debt into a single amount that you can service with regular repayments.
To successfully implement a CVA for your business you will require the services of an insolvency practitioner. They will perform a number of duties including all the necessary legal and accounting work alongside negotiating with your creditors to secure the best outcome.
Why choose McTear Williams & Wood?
The right facts and figures - you need the right evidence to support your claims that your company can return to profitability and meet the financial obligations of a company voluntary arrangement. We will find this information for you.
Working with creditors - it is essential that your creditors submit to the proposed schedule of repayments stipulated in a company voluntary arrangement. We will put your case to them and help explain why this course of action is in their interests.
Accountancy support - we understand how to present your accounts to your creditors in order to provide them with a fully accurate and transparent picture of your current situation.
Expert consultation - pick up our best advice on how to resolve your situation in a simple one to two hour meeting. If we do not think a company voluntary arrangement is the best for you then we will provide you with some ideas for alternative course of action.
Does a CVA sound like the right course of action for your business? Find out more with a free 1-2-1 appointment to discuss your company voluntary arrangement at our Bournemouth offices. We’ll talk through all the options available to you to help you find the best way forward for your venture to return to profitability.
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