This guide is aimed at helping you understand Company Voluntary Arrangements (CVAs) as a restructuring tool. It looks at the legal and practical aspects although you will almost certainly need help from an turnaround guru as this is a complex area where most CVAs fail because they are poorly drafted and not implemented by turnaround specialists and it is a mistake to believe insolvency practitioners are turnaround specialists.
HMRC will make every effort to collect overdue money and it has an escalating series of actions it can take.
Insolvency can mean you are personally liable as a director, so understanding your obligations is key.
To use a CVA your business must be Insolvency. Insolvency can mean you are personally liable as a director, so understanding your obligations is key.