Company Voluntary Arrangement (CVA) vs Company Liquidation
What is the difference between a CVA and Liquidation? Company liquidation and CVAs, though both formal insolvency procedures diverge significantly in their intended outcomes. A Creditors’ Voluntary Liquidation (CVL) marks the conclusion of a business that is insolvent and beyond the prospect of recovery. Conversely, a Company Voluntary Arrangement provides an opportunity for a financially […]
How are employees affected in a CVA?
Staff and Company Voluntary Arrangements A Company Voluntary Arrangement, known as a CVA, is a structured way for qualifying companies facing a considerable downturn to reorganise. To be eligible for this arrangement, companies must be considered financially viable going forward. An authorised insolvency practitioner (IP) assesses if the company is insolvent or potentially insolvent, which […]
Trading out of your company’s cash flow worries
Understanding ‘Trading Out’ when struggling with company cash flow Dealing with debt by engaging in trade is a usual method to tackle the issue of insufficient cash flow, but it’s only appropriate in specific situations. If your company faces challenges due to negative cash flow, and it’s not viewed as a lasting problem, thinking about […]
Fines for health and safety breaches
What help is available if you can’t afford fines for health and safety breaches? If you find yourself unable to cover a health and safety penalty, which includes intervention charges, you might explore options like reorganising your finances or seeking extra funding. If these steps aren’t viable, you’ll have to wind up your limited company […]
My business is losing money – what options do I have?
Business is failing since COVID-19 – cash flow and company options Despite the economy opening up and businesses operating with fewer restrictions, the ongoing impact of the coronavirus pandemic remains significant. The conclusion of the furlough scheme and other government support is making financial challenges worse for many companies. Once-prosperous businesses are now struggling financially, […]
My business can’t pay Customs & Excise fees – what now?
What to do when you cannot pay Customs and Excise fees When importing goods from a non-EU country, your business needs to pay customs duty before the items can enter. Excise duty is a tax applied to specific imported goods like alcohol, tobacco, and fuel, in addition to customs duty. It’s important to clear your […]
Understanding employee redundancy pay if your company is insolvent
I can’t pay my staff redundancy pay When a business faces financial difficulties, there might be no choice but to let some staff go. This could involve a specific number of people whose roles are no longer needed, or in extreme cases, the entire workforce if the company is heading towards closure. This is a […]
I can’t pay my company’s suppliers – what should I do?
Advice for businesses facing supplier pressure If you’re finding it difficult to settle bills with your business suppliers, and payments are running late, think about discussing a payment schedule with those you owe money. Alternatively, you could explore a formal insolvency arrangement with the help of a licensed insolvency practitioner, like a Company Voluntary Arrangement […]
What to do when you can’t afford to pay your business rates
What happens if I cannot afford business rates? If you fail to stay updated with your business rates, local councils can take the following steps against your company: A reminder letter will be sent to your business. A summons will be issued, and costs will begin to accumulate. A liability order will be lodged to […]
Advice when you cannot pay your commercial landlord
I can’t pay my business landlord – what options do I have? Renting a shop or office space for your business can cost a lot, and if your money situation isn’t good, it’s easy to get behind on rent. When you can’t pay your landlord, you need to act quickly because they can take legal […]