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Compulsory Voluntary Arrangement

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    Will a Company Voluntary Arrangement (CVA) work for my business?

Will a Company Voluntary Arrangement (CVA) work for my business?

While it may be true that many businesses fail during a time of recession of financial turmoil, many of those companies don’t deserve to fail. In a difficult economic climate, businesses can often struggle to prosper and survive, meaning that we often seen businesses go under as a by-product, which would do well in other circumstances. However, there are some solutions available that could prevent the collapse of a potentially profitable company. When a profitable future appears viable for a currently struggling business, and the directors involved with that organisation are willing to continue forwards, something called a “Company Voluntary Arrangement” or CVA, could be an ideal way to protect a group against the legal actions often taken by creditors. The terms of a CVA generally provide a business with lower monthly outgoings, and allow them to take control of their debt, rather than simply giving up and allowing the business to close […]

Management of bad debts

It’s a fact of business life that your business will suffer bad debt. It’s also a fact that most of the paperwork you receive informing you of the bad debt and the subsequent insolvency proceedings can be somewhat difficult to understand. Also, if you’ve received the insolvency paperwork, you’re not getting paid, right? Not necessarily…. The North East Business Support Scheme (NEBSS) has been set up by Robson Scott Group to provide a service to North East businesses to manage and maximise their returns from insolvent customers. We will review the paperwork, and give you a clear, concise outline of the process (whether that be Pre-pack Administration, Liquidation, Company Voluntary Arrangement “CVA”, or an “IVA”). We will then contact the insolvency practice dealing with the case, and come back to you with a realistic appraisal as to whether you will get your money back, if so, how much and when. We will […]

Closing down your business

“It costs less than £100 to set up a limited company, but the costs of closing down can be considerably higher, especially if the wrong approach is taken!” There are three main ways of closing down a limited company, with similar procedures available for sole traders or partnerships. The way that suits you best will depend on the circumstances of your company. As there are such differences in the costs and implications between the three, it is well worth carefully examining which means of business closure before you decide. Below we examine the 3 main options. Dissolution (also known as ‘Striking off) This is applicable only if you have a company that has ceased trade for over three months and no longer has any assets. Before dissolution, your company must have already paid off all its debt – this is important, as if you dissolve a business whilst debt is still outstanding, […]

Thatcher’s legacy

Thatcher’s insolvency legislation is backbone to current business enterprise With the recent death of Margaret Thatcher, I thought it opportune to have a look back at the huge effect she had on the way we deal with insolvencies in the UK. Towards the end of 70s and the beginning of the 80s, Britain was in the grip of a recession, suffering a lack of confidence in its own business prowess, and facing a need to move away from its core raw material industries. Much wrong was done in the need to change Britain’s direction, and many communities were ripped apart in the way it was approached, especially across the North. However, when Mrs Thatcher was appointed prime minister in 1979, she also set the UK onto a path of business reform that completely changed the way businesses operate. Having loosened the grip of the unions, she also brought in new measures in line […]