Many of the businesses that survive the treacherous first year period suffer from distress further on down the line. Cashflow inconsistencies coupled with tax bills and payroll can put a huge pressure on a company’s resources, especially when key personnel are engaged in servicing the debt rather than money making activities.
There is a measure that’s been designed to help businesses in such situations, it’s called the company voluntary arrangement and it allows you to consolidate all your debt into a single sum, which can subsequently be managed through regular monthly payments.
Interested in setting up such an arrangement? You will need the assistance of registered insolvency professionals who negotiate the arrangement on your behalf and set an acceptable schedule for payments with creditors.
Discover if your debt can be restructured with an appointment to discuss a company voluntary arrangement at our Peterborough offices. In a simple, free 1 – 2 hour long consultation session, we answer any questions you have and point you towards the best options for your future.
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 Cambridge office to discuss a company voluntary arrangement today. Call us now to set up your appointment on 0800 331 7417