In the tough financial times we are currently facing and with many businesses struggling with cash flow problems Nick Cookson, Business Development Manager at Target Business Assist, talks frankly about the option of putting your company into a Company Voluntary Arrangement (CVA), what it is and how it might help revive a struggling but viable business.
“Many people are wary of Voluntary Arrangements and some are not even aware of CVA's as an option” says Nick “Target Business Assist has a wealth of experience and in-depth knowledge to help and assist your business through the whole process with complete confidence”.
Nick explains, “A Company Voluntary Arrangement is a legally binding agreement between a company and its creditors negotiated by an Insolvency Practitioner. It creates what’s called a 'moratorium' which is essentially a legal barrier around the business which will stop creditors harassing you
If you can’t meet your debts and are struggling to pay creditors, entering into a CVA will help avoid a winding up order or administration and will improve your cash flow almost immediately. Whilst being prepared it will also alleviate any tax, VAT and VAT issues. An arrangement of affordable interest free, monthly payments is negotiated over a maximum period of 5 years. In most CVA's over 50% of debts are written off.
The board directors and shareholders are generally able to stay in control although they must be committed to saving the business and moving forward."
Nick believes it will become one of the UKs most important business lifelines.
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