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Wrong. Any sale back to company directors must be for full market value. Administrators are under a strict duty to ensure that the assets are marketed to outsiders before any final sale back to directors are agreed. And remember - you must have on-going funding available to buy back the assets and continue to trade, so directors need to be 100% certain that they can pay for the assets before entering into any agreement to buy back. Administration is not as simple as you may have been lead

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.