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9 steps to a CVA
9 Steps to a CVA - Company Voluntary Arrangement
Company Voluntary Arrangement Enables the management to remain in control of the company. An agreement is made between the company and its creditors either to delay payment or reducing the payment of debts outstanding. An Insolvency Practitioner will be appointed, who will review and recommend what proposals will be put to the creditors via the Court.
Step by step procedure of a CVA proposal.
2. A questionnaire will be provided by the IP to gather the information required to enable us to advise you on your options. The IP will also need to view the Company's trading accounts and cash flow forecast for this purpose. Once the questionnaire is completed with the information required, the IP will discuss your options with you.
3. At this point the IP will draft a proposal based on the information provided, and send it to you for approval. You may be asked to provide further details of information that may appear to be missing or need further clarification.
4. The draft proposal is then returned to the IP by you with any alterations. The CVA proposal will then be amended and sent back to you for final approval.
5. You sign the proposal and return it to the IP upon which he will then formally agree to become your Company's nominee.
6. The IP is then required to make a report and to comment on your Company's offer to creditors and will then lodge his/her report and the Company's CVA proposal in court. This is a formality, and you will not be required to attend court unless there are exceptional circumstances.
7. A creditors meeting is arranged. The CVA proposal and the Nominee's report are sent to all creditors to consider. You will need to attend the creditors meeting.
8. At the meeting, the creditors vote on whether they are willing or unwilling to accept your offer and if 75% by value of those creditors voting agree to accept your offer, the CVA will become approved. The Arrangement will be binding on all creditors at that stage, whether they voted or not.
9. If necessary the creditors meeting can be adjourned for up to 14 days to consider any revised offers, if applicable.
If you feel that you may benefit from a conversation with somebody about a company debt problem, please call a Help With Debt UK Advisor now on 0116 217 1406.
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For further company debt solutions reason the following pages:-
How a director should deal with a personal guarantee
How to do a pre-pack administration
How to wind up a business in 2010