How Fastspeed Legals Can Help Your Business Face a Winding Up Petition
In the current economic climate, many businesses face financial challenges that may lead them to encounter severe legal issues, such as a winding up petition. This can feel like the end of the road for many companies, but solutions are available to help navigate these turbulent waters. One such solution is a Company Voluntary Arrangement (CVA).
What is a Company Voluntary Arrangement?
A Company Voluntary Arrangement is a legally binding agreement between a company and its creditors. It allows a business to pay back its debts over a fixed period, without the immediate threat of liquidation. Essentially, a CVA provides breathing space for a company to restructure and stabilise its finances, enabling it to continue operations while satisfying creditor demands.
Key Features of a CVA
- Debt Restructuring: Allows the company to pay off debts in a manageable way.
- Legal Protection: Prevents creditors included in the CVA from taking further legal action.
- Business Continuity: Enables the company to continue trading during the arrangement.
- Flexibility: Terms can be tailored to the specific needs of the company and its creditors.
How a CVA Stops a Winding Up Petition
A winding up petition is a legal action taken by creditors to force a company into liquidation due to unpaid debts. When creditors file such a petition, it can have severe consequences, including freezing the company’s bank accounts and damaging its reputation. However, a CVA can act as a shield against these drastic measures. Fastspeed Legals specialises in helping companies navigate complex financial situations, such as dealing with a winding up petition. Our expert team provides tailored advice and support throughout the CVA process, with a sole duty of care to Directors and Shareholders, ensuring that businesses receive the best possible outcome. For more information contact Fastspeed Legals today.
D.M. Manchester
Wouldn’t hesitate to recommend Fastspeed Legals. I had a professional and speedy service from Nigel, Leanne and Rachel. Without their intervention our company would have been severely impacted however, they saved the day for us!
A.F. Mayfair, London
Thank you very much Nigel. I am very pleased with your service. I would have no hesitation in using your company again.
M.F. Croydon
I recently used Fastspeed Legals to help negotiate my way out of a situation. The team were quick and efficient with their replies. More than that though, I was told all scenarios up front. Nothing was hidden. Although my opinion of the way the law works and lawyers continues to be not that high. FS definitely helped me out of what could have been a difficult outcome.
J.B. Birmingham
Many thanks to Rachel, who was very engaging and professional; her knowledge and thoughts were definitely appreciated.