Company Voluntary Arrangement
Company Voluntary Arrangements (CVAs) are a fairly common device and can be used by an insolvent company to help reduce and reschedule payments to its creditors. A CVA must be approved by creditors before it can be implemented, and it provides a way for a struggling business to improve its cash flow and work through its difficulties.
A CVA takes place between the company and its creditors and can be tailored to suit specific circumstances. Typically, CVAs last for three to five years, and if successful will prevent a business from going into administration.
At Cork Gully our team has significant experience in assisting directors in the preparation of proposals for CVAs and in acting as supervisors in approved arrangements. We will thoroughly discuss the options available to the company before considering this route to ensure the best solution is found to enable your business to continue.