A Company Voluntary Arrangement (CVA) is an agreement between an insolvent company and its lenders.
CVA's typically allow insolvent companies to pay back a percentage of their debts over a period of time. The payments are typically paid monthly and can continue for several years, helping cash flow for the struggling businesses.
When entering into a CVA it can often have some benefits for companies and lenders. A CVA is often the most effective way for lenders to recover some of the money that they are owed by the insolvent company.
Not all companies can enter into a CVA with their lenders. A CVA also isn’t always the best option. However, in most cases, a CVA gives desperate, insolvent companies an opportunity to facilitate a positive financial outcome while paying off lenders.
Facts about Company Voluntary Arrangements:
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Changing Steps UK is a trading name of KAR7 Limited | Registered in England and Wales, Number: 08842648 | Data Protection Act Registration Number: ZA037480 | Address: 11-17 Fowler Road, Hainault Business Park, Ilford, Essex, IG6 3UJ
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KAR 7: specialise in providing and administering Individual Voluntary Arrangement (“IVA”) solutions to individuals based in England, Wales and Northern Ireland. We do not administer Debt Management Plans, Debt Relief Orders, or any other debt solutions.
We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meets the criteria for an IVA, therefore, all advice is given in reasonable contemplation of an insolvency appointment.
To qualify for debt write off in an IVA with KAR 7, you must have a minimum of £6000 of qualifying unsecured debt owed to two or more creditors. A debt write off amount of between 25% and 75% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.