Many companies going through the bankruptcy process are generally unable to pay all of their bills and financial commitments. Because of the tough economy, many businesses are not making enough income to support all of the costs associated with running a business. When faced with this tough predicament, some businesses take part in a Company Voluntary Arrangement also referred to as a “CVA”. A business can also opt to have its assets liquidated in order to pay its creditors.

A Company Voluntary Arrangement (CVA) is generally agreed upon when the company is not generating the revenue needed to pay all of its financial commitments. During the CVA proceedings, the company’s creditors will assign a receiver to restructure the company’s financial assets and make certain that the interest of the creditors of the company are being served in the best manner possible.

In the event that the company’s financial duress can not be solved by a CVA and their financial means are minimal, the company would be considered insolvent and would begin liquidation proceedings. Prior to the liquidation, an insolvency agent would be appointed in order to take control of the company and be responsible for liquidating all of the company’s property in an attempt to recoup some of the money owe to the creditors of the business.

There can be many creditors that are owed money following the liquidation of a company’s assets. Generally, the liquidation firm is entitled to receive payment for its services from the liquidation proceeds before any other creditor is paid. After the firm has been paid any outstanding tax liabilities owed by the company will be paid next. Tax authorities generally hold the highest authority amongst creditors and therefore they will always be the first creditors paid. If there are no tax liabilities to be paid, then all of the secured debt liabilities will be paid next, followed by unsecured creditors and employees.

Any business that is considering a business bankruptcy should seek the advice of a competent insolvency practitioner. And experience practitioner will be able to guide you in your business through the procedure of filing a business bankruptcy. Although a Company Voluntary Arrangement or liquidation might be the best option for your business, it is important to see competent advice to ensure that you are making the right decision for you and your business.

Now Try – Business Bankruptcy Or Business Liquidation

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The process of obtaining a CVA begins with a company director, administrator or a liquidator appointed to sorting out the company’s assets proposing a CVA to its creditors. Then, when a CVA has been proposed, an appointed insolvency practitioner must report to court to ascertain if a meeting with creditors and shareholders may take place to deliberate the CVA.

Once the meeting takes place, creditors and shareholders must vote on whether the CVA should be approved. If 75% or more of the creditors that have been notified of the meeting, agree to the CVA, then it becomes a legally binding agreement. The nominee or another insolvency practitioner then becomes the supervisor of the CVA.

An approved CVA means that your business can continue trading to try to overcome the financial difficulties that have suppressed its production and profits. A CVA is like a protection/redemption plan for businesses that have fallen on hard times and are expected to turn a profit at some point in the future. Whilst in place, the CVA will protect the business against insolvency as long as the business continues to make the minimum repayments to its creditors.

A CVA is only advisable for a business that has either experienced a period of short term cash flow problems or is likely to be in profit in the near future. If a business has shown no signs of recovery for an extended period of time then the chances of being granted a CVA are quite slim as creditors will see no advantage compared to the insolvency of the company, which will grant them some money back through the sale of the company’s assets.

Knowing and accepting the dire situation that your business is in is the first difficult step to recovery. If it is looking like recovery from your current position is untenable, then your best and only option is probably a CVA.

Now Try – Company Voluntary Arrangement

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