Any initial advice you receive from Wilmott Turner Financial Services either on the telephone, via e-mail or our on-line forums is given without charge.
Wilmott Turner Financial Services will work with an external Insolvency Practitioner to help our clients implement a Company Voluntary Arrangement. If you decide to proceed with a Company Voluntary Arrangement (CVA) with the our help the charges highlighted below will apply.
Do you want help to start a CVA? Give us a call (0800 088 7376) or complete the form below to speak to one of our experts
There will normally be a significant amount of work to be carried out before a Company Voluntary Arrangement (CVA) can be proposed to the company’s creditors.
This will include preparing cash flow projections, creditor lists and all of the other paperwork required to support a CVA proposal.
Generally speaking WTFS will charge a fee of between £1000-£2000 for this work which will have to be paid up front by the company or its directors.
A Nominee fee is a standard fee taken by all Insolvency Practitioners on the implementation of a CVA. The size of the fee charged will vary depending on the nature of the case. However this fee does not have to be paid up front by the company or directors. It is simply deducted from the normal monthly payments that the company makes into its CVA once up and running.
The fee covers the Insolvency Practitioner’s work agreeing your IVA proposal with your creditors. This work includes liaising with creditors such as HMRC where necessary, preparing the CVA proposal document, convening the meeting of creditors, attending the meeting and again liaising with creditors on any queries or modifications they request.
The IP will share some of their Nominee Fee with Wilmott Turner.
Each year that a CVA runs, the Insolvency Practitioner must supervise the arrangement on behalf of the creditors. In return, the creditors agree that the Insolvency Practitioner will be paid a supervisors fee on an annual basis. Again the size of these fees will vary from case to case and they are deducted from the normal monthly payments that the company makes into its CVA. They are not paid as an additional charge.
The supervisor’s fee covers work including an annual review of the overall CVA (or at intervals required by your creditors), monitoring contributions, making distributions to creditors and generally monitoring the progress of the CVA in accordance with the proposals.