Company Voluntary Arrangements
In a Company Voluntary Arrangement (CVA) a Company makes a Proposal to its creditors offering to pay contributions from future profits or asset disposals.
The repayment terms may be an immediate lump sum payment or alternatively over a 1-5 year period. The CVA may require creditors to compromise on their debt to receive a pence in the pound distribution.
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The repayment terms may be an immediate lump sum payment or alternatively over a 1-5 year period. The CVA may require creditors to compromise on their debt to receive a pence in the pound distribution.
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Individual Voluntary Arrangement (IVA)
If you’re considering an individual voluntary arrangement (IVA) to help manage your debt, this article aims to answer, as comprehensively as possible, the key facts you’ll need to know.
Members Voluntary Liquidation
A Members Voluntary Liquidation (MVL) is a process that enables shareholders’ to appoint a Liquidator in order to formally close down a solvent company. Once the Liquidator has realised all company assets and ensured that there are no outstanding company liabilities, a capital distribution will be paid to shareholders either in species or from funds held in the company.
Bankruptcy
What is bankruptcy?
A creditor can issue a bankruptcy petition against an individual if they are owed a debt of more than £5,000. Alternatively, an individual can present their own bankruptcy petition by applying online and declaring themselves bankrupt. Once a bankruptcy order is made, the individual’s assets vest with the Trustee in Bankruptcy and these may include the bankrupt’s interest in the matrimonial home. The Trustee once appointed will deal with the realisation of the debtor’s assets and should sufficient funds be available, distribute these to creditors.
A creditor can issue a bankruptcy petition against an individual if they are owed a debt of more than £5,000. Alternatively, an individual can present their own bankruptcy petition by applying online and declaring themselves bankrupt. Once a bankruptcy order is made, the individual’s assets vest with the Trustee in Bankruptcy and these may include the bankrupt’s interest in the matrimonial home. The Trustee once appointed will deal with the realisation of the debtor’s assets and should sufficient funds be available, distribute these to creditors.
AABRS
Langley House, Park Road, London, London, N2 8EY, United Kingdom
AABRS offer leading insolvency support and advice to a number of business across the UK. Our company primarily focuses on individuals who face financial difficulties, both corporate and personal. We strive to find the best solution for the client, no matter how large or small their requirements may be. We as a company have a team of dedicated professionals who are here to help resolve any financial struggles you may be having.