Company Voluntary Arrangements
CVA’s are used where there is good reason to believe that the company will be viable in the future and able to repay at least a proportion of its debts. If approved, a CVA will let you keep control of your company and you will be able to trade as normal. Your company’s unsecured creditors (trade and HMRC) would be contacted by us and an agreement made between you and them. The arrangement would freeze the amounts owed to the company’s unsecured creditors which stops additional interest and charges being added.
A proposal would be made to repay either some or all of the debts over a specific time period (usually 5 years) which would be paid on a monthly basis from the trading profits. Dependent on what your Company could pay, your unsecured creditors will receive between 25% and 100% of the amount owed to them. At the end of the time period, and provided the terms and conditions of the proposal have been met, your unsecured creditors under the proposal will have been deemed to be settled in full. A lump sum contribution or re-financing of assets could also be offered and the duration of the Company Voluntary Arrangement could consequently be shorter.
How We Can Help You Retain Your Clients?
In the current economic climate, where business is competitive, client retention is important. Our aim at Abbey Taylor is to help you make sure that you retain your client even in the most difficult of circumstances. The best way you can help your client when they have financial difficulties is by getting them free honest, open and practical advice from qualified professionals.
The earlier the consultation the better their chances of survival and the greater their options will be. In many circumstances we will require your help which will result in you receiving additional fee income. This is because you are usually best placed to help us when it comes to providing information and the current financial position.
How Can We Help Your Client?
One of our Insolvency Practitioners will be able to meet with your client the same day, either on site, at your offices or at our offices if confidentiality is an issue. We will give you and your client an honest appraisal of their situation. If we cannot help then we won’t charge. So there is no financial cost to either of you.
Can You Trust Our Advice?
We have been giving Insolvency Advice for over 20 years. All of our Insolvency Practioners are very experienced and have gained invaluable experience in all sectors of business. There will be very few situations between us that we have not already come across. We have many introducers who we have known for years.If don’t know us and would like to gain comfort, we could direct you to a number of professional firms who already use our services. We look forward to hearing from you soon on 0800 019 6035