Business IVA
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 a 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 –
- continue to trade with a view to increasing the return to creditors over a fixed period of time
- put a stop any winding up procedures and legal action from creditors
- consolidate and reduce debt repayments to an affordable level
- avoid outright insolvency
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.
Business IVA Advice for UK Companies
If you would like further information, without obligation, on the business debt solutions available to you then call our helpline free today on 0800 043 50 43 or complete our enquiry form and we will ring you back at a more suitable time.
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