A Company Voluntary Arrangement (CVA) is a formal agreement used to resolve a limited company’s debt problems.
A CVA allows a company to settle its unsecured debt over a fixed period – generally between 3-5 years. Payments to all unsecured creditors including HMRC are reduced and combined into a single affordable amount. At the end of the agreement the creditors write off any debt that is still outstanding leaving the company debt free.
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The CVA is a formal legally binding agreement so once in place any legal action currently being taken against the company must be halted. In addition the creditors are not allowed to take further legal action against the company to recover their debts such as applying for county court judgements, charging orders or even a winding up petition.
Only a brief overview of the Company Voluntary Arrangement solution is given here. For more information about the CVA solution see one of our dedicated websites: