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Business IVA | CVA (Individual Voluntary Arrangement)

Buying Time, why not use an Interlocking IVA's

Businesses must look at all options available prior to going down this route as there are many doors that may give you a way forward. Business IVA’s are intended to help small businesses in overcoming their debt problems.

Ever considered an Informal or Interlocking IVA as a way forward to allow the continuance of your business?

Business IVA Explained

Business IVA in itself is similar to a personal IVA and is a voluntary agreement between the company and its creditors. Debt Direct places an emphasis on such a tool because it can help small businesses with their financial problems.

An income and expenditure will be prepared on the basis of existing and past accounts and to the prospect of maintaining any formulised agreement.

Business IVA again will be treated in the strictest of confidence, however one needs a substantial amount of financial information covering both past and future to prepare a proposal as a way forward, guidance can only be given in respect of the information supplied as we do not give false hope.

Financial Rescue Package (Business IVA)

Debt Direct Ltd has recently extended its services to provide a financial rescue package (advice) whereby Debt Direct Ltd can negotiate directly on an informal basis with HMRC and creditors alike on behalf of and to help small businesses.

This extended service has been sought by our existing customer base and has proved favourable for the continuation of the businesses in question. If such can be achieved then one would class it as an informal voluntary arrangement and will not affect credit records.

Most Directors and company individuals appreciate the assistance of Debt Direct Ltd in seeking balance between the creditor and debtor to allow harmony in the settling of outstanding debts and borrowings.

Re-structuring of company debt is paramount to its continuation and sometimes this could only be achieved with the assistance of other factors.

One may want to give thought to an interlocking IVA as it could ease the financial pressure and allow the continuation of the business.

Interlocking IVA a way Forward

An interlocking IVA is a useful tool when company directors feel that their business has potential to succeed.

Many parties have never had the opportunity to explore this useful tool in the settling of their current debts of the company.

The directors would have to demonstrate that the business can be turned around and would have to address any issues needed to show that the company will survive.

Securities from the directors would be essential in putting such a proposal forward.

For more contact 01305 832104

Questions That We Frequently Come Across

Q) What would happen to my company if it becomes insolvent?

Q) If my company goes into liquidation would the Inland Revenue and Customs Excise take precedence?

Q) Once my company goes into liquidation, will I be informed at what is going on?

Q) I am a company share holder, what will happen to my shares in the event of bankruptcy?

Q) What is an administration order?

Q) If our company is accepted for a Company Voluntary Arrangement (CVA) who will oversee the running?

Q) Our company has recently entered a voluntary arrangement but no-one to date has explained what the effect will be on the shareholders, is it possible to do so?

Q) If a company for which I have an investment goes into liquidation, do my shares have any value?

Q) What will be the effect on the directors of a company that has gone into bankruptcy?

Q) Are all debts discharged once a bankruptcy order is made?

Q) Can we apply for bankruptcy on our company?

Q) Are there any alternatives to company bankruptcy?

Q) What is the best solution: Bankruptcy or a CVA?

Q) I am a sole-trader, does this mean that I could be made personally bankruptcy?

Q) Are debts discharged in any preferential order within a CVA / Bankruptcy?

Q) If the company is declared insolvent, will the business and / or assets be lost?

Q) I have recently been made bankrupt and have been informed I am to receive a tax rebate, will I have to declare it?

Q) I am two years into an IVA and find that I cannot fulfill the agreement, what do I do next?

Q) Is it possible to switch from an IVA to a bankruptcy?

Q) How long will my bankruptcy remain on my credit file?

Q) Will an IVA or bankruptcy have any effect on my private pension?

Q) How do I go about making myself bankrupt?

Q) What advice is the available to small businesses or individuals who are encountering financial problems?

Q) My company has a CVA however it is experiencing financial problems and it looks as though we can not continue, what will happen?

Q) If I go bankrupt how long will I have to make contributions?

Q) Can an enforcement notice go ahead if the creditors have approved my IVA proposal?

Q) Will HM revenue and Customs & Excise support an IVA or CVA proposal?

Q) How long will an IVA take to put in place?

Q) How is a CVA application made?

Q) We have a company which is technically insolvent in that we have no cash in the bank but have an outstanding debt book, how can we prevent bankruptcy?