Business Debt Solutions
Administration
An Administration is a procedure to deal with the closure of your company if the company is insolvent - in other words, there are not enough company assets which can be sold or realised, to pay off all the debts of the company.
Business Recovery
Company Voluntary Arrangement
A Company Voluntary Arrangement (CVA) is a procedure whereby a company can continue to trade even though it is insolvent - in other words, the company cannot meet its on-going liabilities from the cash flow that is being generated from the company.
Creditors Voluntary Liquidation
A Creditors' Voluntary Liquidation (CVL) is the procedure to wind up your company (or deal with the closure of it) if the company is insolvent - or in other words the value of the assets of the company are not enough to be able to clear all of the debts, as they fall due.
Partnership Voluntary Arrangement
A Partnership Voluntary Arrangement (PVA) is a procedure whereby a partnership can continue to trade even though it is insolvent – in other words, the partnership cannot meet its ongoing liabilities from the cashflow that is being generated from the business.
Pre-Pack Administration
A Pre-Pack Administration or 'Pre-Pack' is a procedure to deal with the closure of your company if the company is insolvent. In other words the value of the assets of the company are not enough to be able to clear all of the debts as they fall due.
Personal Debt Solutions
Individual Voluntary Arrangements
An Individual Voluntary Arrangement (IVA) is a legal, binding agreement between you and your creditors'. It replaces all your current payments (to unsecured creditors') with one affordable payment, usually paid over a five year period.
Debt Management Plan
A Debt Management Plan is an informal 'agreement' between you and your unsecured creditors'. It replaces all your current payments (to unsecured creditors') with one affordable payment.
Bankruptcy
Personal Bankruptcy is a court procedure. You can make an application to the court yourself under a debtor's petition or an application could be made by one of your creditors' under a creditor's petition. Once an order is made the Insolvency Service or a Licensed Insolvency Practitioner will be appointed to deal with the administration of your case.
