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Wrong. There's a whole section in the insolvency legislation about "preferences". In practice this means that payments to friends can sometimes be claimed back. Before you lose all those friends, get your facts straight and talk to Dodd

Company Voluntary Arrangement (CVA)

Alternatives to liquidation

Remember that formal insolvency processes are complicated, and the explanations below are only the tip of the insolvency iceberg!

A Company Voluntary Arrangement (CVA) is a legal agreement between a company and its creditors. The process normally involves the creditor agreeing to write off some of their debt.

Three quarters of any unsecured creditors must agree to any terms proposed by the company. In turn, the creditors can also suggest modifications to the terms proposed.

Normally a  CVA is proposed by a company when it is looking to write off part of its debt, or it is looking to pay off its debt over a number of years.

To find out more about how we can help please call either Carol, Jackie or Jeanette on 01768 864466.