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A Company Voluntary Arrangement (CVA) is a legally binding arrangement between a company and its creditors to repay them over a period of time.
A Company Voluntary Arrangement may have an element of debt deferral, i.e. creditors are paid over a longer period of time. A Company Voluntary Arrangement may also have an element of debt excuse, i.e. creditors are not paid back the full amount that is outstanding to them.
Either way the offer that is made to creditors by the company will be subject to a vote by creditors as to whether they wish to accept the proposal.
Probably the most important point is that the company continues to trade and the Company Directors remain in control of the company.
A CVA won’t suit all business structures but, why not have a chat with us to see if it’s an option for your Company.