Under a CVA, a company can be reorganised to enable it to pay as much as it reasonably can afford to its creditors and continue to trade profitably.

The arrangement may involve delayed or reduced debt payments or capital restructuring and must be agreed by creditors.

We will work with you to put together a workable proposal and we will present this to a creditors' meeting to consider the proposal. This meeting will approve, modify or reject the proposal.

To pass, a CVA needs a majority of 75 per cent in value of the creditors present and voting. This is not an outrageously high mountain to climb – if you have got this far it will be because you can offer your creditors better future results through the CVA than through any of the other forms of insolvency procedure – not just because a CVA will keep you in business.

If the arrangement is approved, the insolvency practitioner becomes the supervisor and implements the CVA in accordance with the proposal's terms – and your business can go on. That will be our aim wherever possible.

For more information on CVAs CLICK HERE

If a CVA is not an option then a creditors' voluntary liquidation (CVL) may be appropriate.