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Company Voluntary Arrangement (CVA’s)
A CVA is an insolvency procedure allowing a distressed business to reach a binding agreement with its creditors about payment of all, or part of, its debts over an agreed period of time.
Our team will work with you to construct the CVA proposal.
When proposed, we will report, as nominee, to court on whether a meeting of creditors and members should be held to consider the proposal. The meeting decides whether to approve the CVA. 75% of the votes cast at the Creditors Meeting are required to approve the proposal along with and a simple majority of votes cast at the members meeting.
If approved then all creditors who received notice of the meeting are bound by the terms of the arrangement. We will then act as the supervisor of the CVA and once completed the company's liability to its creditors (who had notice of the meeting of creditors) is cleared.
The business can continue trading during the CVA and afterwards.
Individual Voluntary Arrangement (IVA’s)
An IVA is a formal agreement between an individual and their creditors agreeing to either reduced payments towards the total amount of debt or extend the time to pay their debt or both.
Due to its formal nature, an IVA has to be set up by a licensed professional
Once it is clear an IVA is right for you we will work with you to agree a repayment amount. An application may be made to the court for an Interim Order so that no creditors will be able to take legal action against you whilst the proposal is being considered.
If approved by creditors the IVA will be legally binding. As long as you keep up the repayments, when the term of your agreement is finished your debts will be settled regardless of how much has been paid off.
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