What we do
We sell time
When a client is faced with a winding up petition, time is what most directors need. We provide time by adjourning hearings and in many cases packaging CVAs. Please remember that our USP is that we have a Sole Duty of Care to you, not the people that you owe money to. (unlike most of our competitors).
The first move
When a creditor issues a petition it is the last chance to recover money.
So, it is your last change to decide what you want to do with your company. Do you want to have the petition withdrawn and carry on trading? Do you want to put all of your company's debt into a 5 year interest payment plan? Or do you want to close your company but avoid a court compulsory winding up order that forces you to attend an intensive Insolvency Service series of interviews.
Fastspeed Legals will explain in depth with you, all of your options so that you can make the right decision with all of the facts in front of you.
CVA advantages
What a CVA actually gives you
A framework that legally binds the creditors without constricting the content or nature of the deal.
- Protection from court action on approval
- The company keeps trading, and is saved as a going concern
- Debt reduced — sometimes up to 75% written off at the end of it
- Cash flow dramatically improved
- Once approved, it is not advertised
- Interest and charges frozen on unsecured debts
And the rest of it
- No new banking required
- Not court intrusive
- Fast to implement, and dismissed the petition
- Directors stay in control
- Creditor unanimity is not required
- Secured creditors are unaffected
- Workable across the EU
- Avoids liquidation or administration
- Leases and contracts can be terminated
- Redundancies can be made
- Tax losses are retained
- Ongoing costs come out of the monthly contributions
- The arrangement can be varied if the company still struggles during the CVA
Combining the best teams
From insolvent to solvent... Instruct Fastspeed Legals
The specialist skill sets are in different teams working for you— insolvency practitioners, barristers, and the consultants that deal with the petitioning solicitors. Combining the teams is the key to move the business into a solvent position, leaving the director to carry on running their business.
Our barristers are in the Chancery Courts weekly and can be instructed today. Don't delay, time wasted threatens your company being wound up.
“We have worked with these consultants for over 20 years. We have found their knowledge and expertise second to none. They provide honest, straightforward advice.”
Steve Wilson B.F.P. & A.C.A., Thieme and Co
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From our insight
Talk to us today
If a petition has been issued against your company, act now so we can save your business. Monday to Friday, 9am – 4pm.