Directors Voluntary Arrangement

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Directors Voluntary Arrangement

Thinking of a Directors Voluntary Arrangement? What Are The Options?

 

A directors voluntary arrangement is more commonly referred to as a Company Voluntary Arrangement or CVA.

A Directors Voluntary Arrangement, or Company Voluntary Arrangement, is a recognised legal procedure, under the terms of the Insolvency Act 1986, which allows directors to remain in control of the business and enables them to have binding agreements with any creditors that business may have. The arrangement details how liabilities and debts will be dealt with under the various provisions of the Act.

It allows a financially troubled business to reach an accord with its creditors about payment of all or part of its debts over an agreed period.A Directors Voluntary Arrangement can be proposed by the directors of the business, the administrators, or the liquidator. If the meeting of creditors and shareholders approves such an agreement , the nominee or other Insolvency Practitioner becomes the supervisor of the Directors Voluntary Arrangement.

Once the Directors Voluntary Arrangement has been carried out, the company can continue trading during this time and afterwards. It can be set up when a company is in liquidation or in an administration, as well as at any other time. But it may also be considered a much better alternative to liquidation.

There are a number of advantages of a Directors Voluntary Arrangement. A few of them are as follows:

• It is a private matter and will not appear in the press, so avoiding negative publicity.
• It allows the directors of the company time to restructure the business without creditors instantly taking legal action.
• As the company is still trading it provides a continuing income for directors and staff alike.
• It avoids the need for the Licensed Insolvency Practitioner to report on the conduct of the directors to the submit a report to the Directors Disqualification Unit of the Department for Business, Enterprise & Regulatory Reform.

If you would like to talk about a directors' voluntary arrangement to a specialist with 17 years corporate insolvency experience then enter your details into the web form below for a no-obligation chat.

However, if you need help with personal debt (rather than business related debt) go to our free debt management plan application form.

 

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