Company Rescue
Company Rescue & Alternatives To Liquidation
Call Now: 08000 842 844
Company Rescue & Debt Help Solutions
Need company rescue? Are you having a hard time repaying some of the company debts? We can help your company to trade on even if you have tried payment plans in the past and they failed. There are several options when considering alternatives to liquidation. Please read through some of the options below.
Company Voluntary Arrangements (CVA)
A Company Voluntary Arrangement is a legally binding agreement between the creditors and the company in question. The purpose of the agreement is to allow the company to trade on when the business may be having difficulty paying the bills when they are due.
Have a look at the Company Voluntary Arrangement page for more details.
The Company Voluntary Arrangement in the right circumstances can provide an ideal solution so if your company is viable but needs to control its debts then the Company Voluntary Arrangement may well be for you.
Informal Arrangements With Creditors
This is when an agreement is reached between you and your Creditors on repayments of the company debt over a period of time. The important things to remember when considering an Informal Arrangement (Non-Statutory Arrangement) are:
- It is not legally binding and your Creditors can change their mind at any point without notice (e.g. If one of your Creditors becomes Insolvent atanypoint and needs to call in the liability).
- The repayments, unlike a Company Voluntary Arrangement, will usually be 100% of the liability owed and continued until the total debt is repaid which can be many years. (A CVA is over a maximum of 5 years).
This option can serve its purpose if the relationships between the company and its Creditors are good. The Company must not miss a single payment and the arrangement, ideally, should not be held over a long period of time for the reason explained in point '1.'. Keep this in mind when taking company debt help from firms.
Most debt consultancies offering company debt help often use Informal Arrangements as their main tool/solution as it is easier for them to set up with your Creditors, plus - from their point of view they only have to focus on the short term. Unfortunately, for many businesses this can often be the wrong solution. They may require something more secure over a longer term depending on cashflow such as a Company Voluntary Arrangement. Please take the time to research your options fully before you commit to any Informal Arrangements when taking company debt help.
NB: If a payment is missed within the Informal arrangement it can cause serious damage to your reputation if you then have to return to propose a legally binding agreement such as a Company Voluntary Arrangement, especially when HMRC (PAYE/VAT) are involved.
Administration
This is a court procedure that gives the company some breathing space from any action by Creditors. A court can grant an Administration Order to enable the company to:
- Survive, in whole or in part, as an ongoing business;
- Organise a voluntary arrangement or compromise with its Creditors;
- Get a better realisation of assets than would be possible if the company went into Liquidation.
Get in Touch Now - Don't put it off any longer!
If your business is giving you headaches and you require some company rescue solutions then don't delay - call us now on 08000 842 844. The sooner you get in touch, the more rescue options will be open to you.
It costs you nothing to find out your company rescue options as we offer a free first meeting and we promise that by the end of that meeting you will have your options available to you.
Alternatively, you can email us at enquiries@jamesonsmithco.co.uk and we will get back to you straight away to give you your options.
We always go the extra mile for each individual client and we do not treat you like 'just another number' so call us today and see how we can help you.
