Often it can be difficult for directors to admit that their business is in distress. However, when your day is full of phone calls from creditors, suppliers and HMRC and you simply cannot find the time to run your own business you may start wondering what options are available to you?
One way in which you can free your business from the shadow of debt is with a company voluntary arrangement. This allows you to simply consolidate your debt into a single amount of money owed to your debtors, which you can then serve with monthly repayments. It is one of the best methods of freeing up your time to focus on returning your company to profitability.
You will need to use a registered insolvency practitioner to implement a company voluntary arrangement, working on your behalf to produce up to date and accurate accounting records and communicating with creditors to secure their approval for the agreement.
Learn whether this is the right choice for your business by discussing a potential company voluntary arrangement at our Colchester office. Here you will be able to talk to one of our expert advisors who will be able to help you ascertain all the facts.
Time is critical with a company voluntary arrangement. Whilst there is still liquidity left in your business it is easier to put such an agreement in place, however if the situation is allowed to deteriorate then it may be the case that this option is no longer available to you.
Act now to achieve the best result for your business turnaround. Visit McTear Williams & Wood at our office near Colchester to discuss a company voluntary arrangement today. Call us now to set up your appointment on 0800 331 7417