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CVA’s (Company Voluntary Arrangements)

If you limited company is insolvent, you can apply for a CVA to pay creditors over a fixed period. If creditors agree, your limited company can continue trading.

Pros Vs Cons

Advantages

  • CVA’S can improve cash flow quickly
  • Stop pressure from tax, VAT and PAYE while CVA is being prepared
  • Can stop the threat of a winding up petition
  • All money owed to creditors is bundled up in one monthly payment to the supervisor
  • Board and shareholders remain in control of the company
  • A CVA has much lower costs than administration or a Scheme of Arrangement

Disadvantages

  • The company is given a zero credit rating and some contracts may need to be retendered
  • CVAs will run for 3-5 years
  • Depending on complexity 3 weeks is really the shortest time one can practically put a proposal forward at reasonable cost
  • 75% by value of the creditors need to agree
  • It does not bind the secured creditors

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+44 141 380 0516

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info@mlssolvency.co.uk

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