The business equivalent of an IVA is a Company Voluntary Arrangement (CVA).
In the same way that an IVA is designed to help individuals with money problems, the CVA will help a financially troubled business to restructure and eventually clear its debts. A business entering into a Company Voluntary Arrangement makes a legally binding agreement to pay all or some of its debts to its creditors over an agreed fixed period of time.
With a business IVA a company can –
For a business in debt a Company Voluntary Arrangement is a way of avoiding insolvency. However creditors may take legal action if the terms of the arrangement aren't adhered to. A business in a CVA may also find that they struggle to secure credit.
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