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Well not necessarily. It’s true that when you are declared bankrupt or enter into an Individual Voluntary Arrangement, then this goes on public record in the Individual Insolvency Register. But the days of the advert in the local newspaper are long gone. The people that will get to know are obviously all of your creditors (which can include the bank , the mortgage company or your landlord) and you need to be careful if you work in any kind of job which requires a licence or some sort of

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.