How a CVA can stop a winding up petition

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0203 319 6335InsightWritten for the director who has just had the letterCompany Voluntary ArrangementPublished: 2024-10-18Discover how a Company Voluntary Arrangement from Fastspeed Legals can safeguard your business from financial distress and resolve a winding up petition.Understanding Company Voluntary ArrangementsKey Features of a CVAReorganize your debt into manageable payments, allowing your business to maintain cash flow and operations.Negotiate terms with creditors to reduce overall debt and secure more favorable repayment conditions.Keep your business trading while addressing financial challenges, avoiding the disruption of insolvency proceedings.Gain protection from legal actions, such as winding up petitions from existing creditors, while the CVA is in place.Understanding the CVA ProcessMeet with our experts to discuss your financial situation and explore the benefits of a CVA.A tailored CVA proposal that outlines how your debts will be managed will be drafted forv you.Upon continuation of a CVA, your included creditors can no longer chase you for payment.Common Questions About CVAsA CVA, or Company Voluntary Arrangement, is a legal agreement with creditors to repay company debts over a fixed period.Typically, a CVA lasts between 3 to 5 years, depending on the terms agreed upon with creditors.A CVA allows your business to continue trading while repaying debts, minimizing disruption to operations.Yes, implementing a CVA can halt a winding-up petition, allowing your business to remain operational.A limited company director.Most companies facing financial difficulties can consider a CVA, but eligibility depends on specific circumstances.Directors remain in control of the company during a CVA, unlike in administration or liquidation.Most CVAs repay less money than owed, including set up costs.What we can do about itWhere to go from hereWinding up petitionsAdjourn the hearing, arrange a CVA, or have the petition withdrawn.What we doCheck your petitionGive us the company name and we will check the public record for you.Check my companyHMRC debtPAYE and VAT arrears are the usual route to a petition, and the most negotiable.How it worksTalk to us todayIf a petition has been issued against your company, the sooner we know the more there is to work with. Monday to Friday, 9am – 4pm.0203 319 6335Send a messageFastspeed LegalsInsolvency consultancyContactColroger Offices, Lender Lane Mullion, Helston TR12 7AJ0203 319 6335info@fastspeedlegals.co.ukMonday to Friday, 9am – 4pmWhat we doWinding up petitions County Court Judgments Company Voluntary Arrangements Voluntary Liquidations Court representation