Company Voluntary Arrangement Saxlingham Nethergate in Saxlingham Nethergate

Contact Us

Company Voluntary Arrangements or CVAs, as they are also known, are one of the ways in which a limited company, which is classed as insolvent, can pay back their debts to creditors over a fixed period of time.  Insolvency is when a company is unable to pay back their debts as they fall due or if they do not have enough assets to cover its debts, for example, if the value of assets falls less than the amount of liabilities. 

If you think this may apply to you and your company, don’t fret, we can definitely help. If your company is deemed insolvent, then the director no longer has a primary responsibility towards the care of its shareholders but its creditors instead.  It is similar to bankruptcy, but bankruptcy is the term used only for personal debt, whereas insolvency is the terminology used for business debt.

Find Out More

Many companies across the UK find themselves insolvent and every circumstance of insolvency is different to the next.  That is why there are several ways that directors can consider to ensure that the matter is best resolved.  It is recommended that companies seek sound advice to ensure that the best solution is chosen, and this should be chosen sooner rather than later. 

There are in fact four different procedures to consider if you feel as though your organisation is heading towards insolvency that may help rescue the situation before it gets bad.  These include Administration, Administrative Receivership, Liquidation and finally, as discussed below, Company Voluntary Arrangements.   This is one of the lesser known insolvency procedures available for businesses.

What is a Company Voluntary Arrangement?

A Company Voluntary Arrangement is an agreement with your company’s creditors to allow more time to pay back debts. This is a legally binding agreement as it stands and 75% of creditors, by value, must support the proposal, otherwise it will not be approved. 

After the proposal has been approved by all involved, any unsecured creditors are bound to it and your limited company can continue trading, even those creditors that did not vote (by choice or no notice) have to act within this arrangement.   Therefore, no unsecured creditors are able to take legal action against your organisation outside the CVA.

It is certainly one of the most flexible insolvency methods available as, apart from the procedure and content of your proposal, which are both dictated by law, the rest of this arrangement is determined by the company, with the hope that the creditors will agree to it. 

Unlike other procedures which may be considered, this has no effect on employee contracts so jobs can be saved, unless redundancies are a necessary part of the procedure, for example, during a restructure.

The arrangement will usually last over a period of 3-5 years and is closely monitored by a licensed insolvency practitioner who acts as a supervisor to the arrangement.  The time agreed on will help the business to repay all or some of its debts whilst still trading and remaining under the management of its own directors. 

How Much Does a CVA Cost?

A CVA can only be granted through an insolvency practitioner who not only charge for the application process but also the administration process.  It is difficult to say exactly how much the Company Voluntary Arrangement will cost as each case is unique and varies depending on total number of creditors, employees, position of the bank and what level of negotiation is needed. 

There are many people involved within the arrangement, and that does mean that a lot of communication needs to take place between not only to the company and its creditors but also the company’s stakeholders.  Like many other insolvency procedures, the sooner the ball is rolling the easier, and cheaper, the case can be to handle.  Professional insolvency practitioners can give you an idea of cost once they fully understand your company’s financial position.

Pros and Cons of a Company Voluntary Arrangement

Pros

·         Can improve cash flow within a short amount of time

·         Pressure from tax, VAT and PAYE is lifted whilst the agreement is being prepared

·         Company remains operational as a separate legal entity and managed by its existing team

·         Business contracts, accreditations and licenses are likely to be unaffected

Cons

·         It is possible that there may be disagreements over the proposed CVA between directors.

·         If a single creditor makes up a large percentage of the company’s debt, then they have a strong position to negotiate deals on their terms

·         It will have a negative effect on company’s credit rating and obtaining future credit may be an issue well after the arrangement has ended.

·         The arrangement does not legally bind secured lenders, so they can still take legal action.

CVA Process in the UK

The application process for a CVA in the UK can only begin if all the directors or members agree and this must be done with an insolvency practitioner.  The insolvency practitioner will then start to work out a plan and arrangement as to how much debt the company can pay back and a payment schedule to ensure this is achieved.  This must be completed within a month of being appointed to supervise the CVA.

One the arrangement has been written up, the insolvency practitioner will write to all creditors and provide necessary information and invite them to vote on it.  As mentioned earlier, for the Company Voluntary Arrangement in Saxlingham Nethergate to be granted, it must be approved by creditors who are owed at least 75% of the debt.  If this cannot be achieved, then the company may face voluntary liquidation, whereby its assets are used to pay off its debts, the business will stop trading and will be removed from the companies register at Companies House.

If the voting is successful and works in the company’s favour, then the scheduled payments must be made to the creditors via the insolvency practitioner over a set amount of time and until the agreed amount is paid off.

Get In Touch

We cover Saxlingham Nethergate (Norfolk)

Get in touch

We aim to get back to you in 1 working day.


Skip to

Gallery

Other locations available for company voluntary arrangement saxlingham nethergate
Horstead Thornage Walpole St Andrew Brettenham Short Green Wood Dalling Pulham St Mary Crostwight South Raynham Manson Green Fengate Edingthorpe Green Swainsthorpe Potter Heigham North Pickenham Little London Blackwater Bellmount Tilney Fen End Baconsthorpe Saxlingham Great Ryburgh Letheringsett Florence Walk Norton Corner Bow Street Broome Street Wood Norton Winfarthing Hunt's Corner The Close Wortwell Pott Row Reepham Welborne Burgh Stubbs Thuxton Little Snoring Pennygate Paston Green Stalham Green Surlingham Whitwell Northacre Bawburgh Hill Mautby Brundish Guist Southtown California Horsham St Faith Fundenhall Bodney Dereham Binham Drabblegate Billingford Shammer North Lopham Shepherds' Gate Puddledock Bale Arlington Wellingham Saddle Bow Newgate Bustard's Green Mile Cross Denver Old Buckenham Cangate West End Brockdish Aslacton Alderford Fair Green Stokesby Trowse Millgate Loddon Ingloss The Banks Horsford Hargate Downham Elsing Rollesby Silver Green Syderstone Shepherd's Port Low Common Morston Hevingham Craymere Beck Old Hunstanton Titchwell Upton Wreningham Worthing Coltishall Lower Tasburgh West Dereham Walpole Cross Keys Bittering Overstrand Southwood Aylsham Itteringham Marham Lower Stow Bedon Bull's Green Greensgate Whimpwell Green Brancaster Staithe Little Fransham Hickling Holme Hale Anchor Corner The Street Nethergate Shouldham Belaugh Bradenham Guilt Cross Fairstead Nordelph Catton Grove Wickmere Pockthorpe Alby Hill Sculthorpe Billockby Bawsey Hardley Street Sheringham Castle Rising Methwold Hythe Framingham Earl Tilney cum Islington Upper Stoke Briston Foundry Hill Upgate Street Upper Street Threehammer Common Reedham Dunston Eastmoor Spixworth Bexwell Tunstead Lakes End Burnham Westgate Stow Bedon Barton Turf Foundry Corner Old Brigg Crabgate Runham Vauxhall Cliftonville Pottergate Street Swanton Novers Edgefield Street Thurning West Barsham Sutton Hindringham Low Street Sparhamhill Heacham Forncett St Mary The Heath Worstead Setchey Norwich Bressingham Common Caston West Walton Harris' Green Topcroft Street Blo' Norton Colby Corner Lyngate Hempstead Panxworth Cockley Cley Cromer Tittleshall Stockton Rockland All Saints Lordsbridge Lot's Bridge Ingworth Lyngate Colney Saxlingham Green Shropham Wacton Stubbs Green Beeston St Lawrence Tyby Lower Street Earlham Rise Pooley Street Pollard Street Road Green Caister-on-Sea Primrose Green East Walton Guestwick Green Westfield Thurton Gas Hill Knapton Gooderstone Beighton Pentney Bastwick Little London Arminghall Merton Little Green Brock's Watering North Barsham Hethersett Leziate South Runcton Mount Pleasant Kelling Barmer West Lexham Damgate Marsham Burlingham Green Alburgh Street Brookville Shipdham Toprow Skeyton Corner Westbrook Green Oby RAF Coltishall Crossdale Street Woodgate Fersfield Common Hackford Pockthorpe Dersingham Cringleford Suffield South Green Alburgh Red Pits Muckleton Drury Square Wereham Southgate Brakefield Green Garvestone Blofield Corner Long Stratton Low Common North Green Holt Welborne Common Bramerton Thorpe Gaywood King Row Eaton Foxhole Redcastle Furze Brisley North Lynn Chequers Corner Hickling Heath Wymondham Fritton Tuttington Pockthorpe Caudlesprings Beeston Morley St Peter Ringland Hockering Postwick Hilgay Irstead Carleton Rode Kirby Green Thornham Church Field Great Plumstead Hockwold cum Wilton Upgate Houghton St Giles Wash Dyke West Somerton Thompson Banningham Boyland Common Hardingham Sloley Bessingham Oulton Street Carleton Forehoe High Green West Acre Gasthorpe Little London Downham Market Stalham Burston Great Melton Little London Bressingham Crownthorpe Sporle Paston Yaxham Bircham Newton Runcton Holme Guestwick Neaton South End West Earlham Tivetshall St Mary Runcton Bottom Coston Upper Street Piccadilly Corner Shereford Little Marsh Emneth Hungate Swanton Morley Salthouse Necton Horning Cranwich Stanford Wilney Green Runham Sidestrand Upper Brandon Parva Seething Earsham The Drove Sco Ruston Lyng Easthaugh Crimplesham Southgate Pound Corner Thorpe St Andrew Rockland St Mary Great Massingham Broomholm Shouldham Thorpe Fustyweed Oulton Darrow Green Burnham Overy Town Garlic Street Great Yarmouth East Ruston Eccles Road Danemoor Green Waxham West Poringland Flaxlands Tottington Sneath Common Thurlton Links Oxwick Maypole Green Tasburgh Bunwell Hill Waterheath Browick Great Fransham West Head East Carleton Honingham Three Cocked Hat The Grove Buxton Methwold Walpole Highway Frankfort Alby Watton Crane's Corner Framingham Pigot Kenninghall Heath North Green Low Common Holly End Wattlefield Grimston Upwell Great Green West Newton East Tuddenham Great Snoring Happisburgh Great Bircham Northrepps Upper Hellesdon Ickburgh Ludham Poringland Freeland Corner Diss Dunton Neatishead New Sprowston Little Massingham Furze Green Woodton Wood Street Old Lakenham The Lings Thorpe End Whinburgh Langley Street Little Barwick Old Hall Street Lower Street Westgate Street Kerdiston Egmere Stratton St Michael Outwell Litcham Colby Ovington Ashill Swafield West Tofts Fakenham Hempton Wereham Row Norton Hill Salhouse Hapton Grub Street Blofield Broadmoor Wheatacre Cranworth Brandon Creek Carbrooke Dunton Patch Dowe Hill Briningham Peaseland Green Southburgh Barford Kettlestone Lower Thurlton Frettenham Toftwood Lingwood Little London Rackheath Wiggenhall St Germans Raveningham Narborough Jordan Green Calthorpe St John's Highway Horsey Stalland Common New Rackheath Walpole Marsh Scarning South Green Burgh St Margaret Great Moulton Hindolveston Brandiston Bedingham Green Lushbush South Green Thorpe Abbotts Ditchingham Dam Hempnall Roydon Primrose Corner Bacton Catfield Hellesdon Thickthorn Hall St James Limpenhoe Briggate Southery Dam Green Shotesham Saham Hills King's Lynn Hemsby West Bilney Ormesby St Michael Saxthorpe Goose Green Tungate Mileham South Burlingham Dilham Sedgeford Haddiscoe Tilney St Lawrence Kirby Bedon Dunburgh St Olaves St James' End Saham Waite Roudham Carleton St Peter High Common Helhoughton Ten Mile Bank Garboldisham Tattersett Halvergate Ingleborough Wolferd Green Lower Gresham Barnham Broom North Denes Deopham Green Crowgate Street Roughton Hoe Horsey Corner Burgh next Aylsham Dam Brigg White Horse Common Harper's Green Gissing Hales Terrington St John South Pickenham West End Ketteringham High Street Whittington Plumstead Felthorpe Drayton Lamas Anmer Hempstead Brampton Nordelph Corner Cess Marshland St James Pilson Green Woodrising Tunstall Feltwell Tatterford Thorpe Marriott Haverscroft Street West Harling Hemblington Great Witchingham Ridlington Fordham Mustard Hyrn Wighton Castle Acre Swanton Abbott Baconsthorpe Kirby Row Lundy Green Walton Warren New Hainford Ditchingham Ashwellthorpe Suton Great Dunham Walcott Foulden Marlingford Northwold Fundenhall Street Meeting House Hill Godwick Scole Common Mulbarton Butcher's Common Barton Bendish Sprowston Fodderstone Gap Narrowgate Corner Whissonsett Coslany Gimingham Holme next the Sea Tottenhill Runhall Witton Bridge East Rudham Highgate Queen's Hills Bawburgh Gayton Brundall Crostwick Bowthorpe Boughton Town Green Brumstead Thelveton Clippings Green Ashmanhaugh Upton Green Foulsham Deopham Spa Common Hilborough Claxton Trimingham Shelfanger Limpenhoe Hill Suffield Park West End Booton Stratton Strawless Themelthorpe Heckingham Misery Corner Hingham Orange Row Melton Constable Ridlington Street Tilney All Saints Brewers Green Holkham Bexfield Warham Morley St Botolph Workhouse Common Aylmerton Kidd's Moor Blackwater Thorpe Row Old Beetley Waterloo Wilby Mill Green Hainford Scratby Hellington Corner Felbrigg Tivetshall St Margaret Strumpshaw Tyegate Green Temple Bar Erpingham Stiffkey Lynford Wormegay Terrington St Clement Sharp Street Anchor Street Morningthorpe Reymerston Silfield Boyces Bridge Congham Aldeby South Wootton Pockthorpe Sisland Lyng Dockeney Wendling East Runton Cockthorpe Upgate Kimberley Bracon Ash Saxlingham Thorpe Weasenham All Saints Moulton St Mary Burnham Overy Staithe Lower Street Skeyton Gorleston-on-Sea Ringstead Snetterton Ranworth Plaw Field Fulmodeston Longham Bunwell Mount Pleasant Aldborough Fen Street Gresham Clippesby Thwaite St Mary Oxborough Quidenham Needham Collett's Br Salle Witton Hamrow Walcot Green Hockering Heath Suspension Bridge Thorpe Hamlet Newton North End Little Thornage Larlingford Denton Illington Heartsease Bengate Little Dunham Didlington Damgate Plumstead Green Honing Heigham Grove Pockthorpe Bushy Common Badersfield Blackborough End Lower Bodham Cat's Common Ormesby St Margaret Loddon Wells-next-the-Sea Potthorpe Itteringham Common Fincham North Tuddenham Metton Easton Waterden Wiggenhall St Mary Magdalen Bunwell Bottom Attleborough Great Barwick Fritton Edgefield Docking Shernborne Yelverton Mill Street Stow Bardolph Broomhill Gressenhall Harleston Thurne Banham Corpusty Thorpe Marriot Hanworth Hethel Hillington Felmingham Matlaske Middleton Mattishall Burgh Bird's Corner Hungry Hill New Catton Richmond Hill Wiggenhall St Peter Tharston Little Hautbois Wroxham Southrepps Sharrington Little Hale Stoke Holy Cross Stody Upper Guist Buckenham Broomsthorpe South Denes South Walsham Burgh St Peter Mundham Bawdeswell Westwick Eau Brink Bush Green Hales Street Long Row Eccles on Sea Little Witchingham Filby Penny's Green George Hill Shingham Low Street North Elmham Alpington Drymere Watton Green Tuckswood Three Holes Pristow Green East Raynham Baynard's Green New Holkham Frans Green Hassingham Fiddler's Green Smallworth Costessey Emorsgate Brinton Long John's Hill Deopham Stalland Colegate End Cucumber Corner Cargate Common Bircham Tofts Mundham Common East Lexham Dumpling Green Smallburgh Newton St Faith Larling Middle Harling North Barningham Antingham Tilney High End Tower End Little Barningham Gillingham Toftrees Browston Green Daffy Green Ingoldisthorpe Mattishall Roydon Toft Monks Shimpling Lower East Carleton Hoveton Bridge Green Nogdam End Brancaster Harpley Great Walsingham Blakeney Lower Easton Stoke Ferry West End Tacolneston Breckles East Harling Walcott Green Hawes' Green Broome Brandon Bank Hyltons Crossways Workhouse Common Repps Belton Stanhoe Shelton Black Carr Thrigby Kirstead Green Frogshall East Beckham North Runcton Frenze Wicklewood Little Cressingham Lakenham West Caister Scole High Kelling Hempnall Green Gateley Great Hockham Lessingham Etling Green Little Plumstead Swanton Hill Intwood Cobholm Island Ivy Todd Cantley Corner Beckhithe Brooke Stacksford Hunworth Fring Gayton Thorpe West Raynham Freethorpe Low Tharston Hellington Park Common Northall Green Fiddlers' Green East Wretham Foxley Flitcham The Ling Runham Great Ellingham Little London Easthaugh Whitlingham Morton South Lynn Bagthorpe Great Green Hemblington Corner Low Common Wimbotsham Brandon Parva Newtown Glandford Winterton-on-Sea Stradsett Twyford Taverham West Winch Little Ellingham Howe Westgate Hunstanton Kenninghall Fersfield Stibbard Cat's Corner Field Dalling Burgh Castle Ashby St Mary Cantley Whitwell Street New Costessey Waterloo Coxford Starston New Buckenham Walpole St Peter South Lopham How Hill Wiveton Barroway Drove The Arms Weston Green Sheringwood Watlington North Earlham Clint Green Barney Newtown Bergh Apton Salters Lode Trowse Newton Great Hautbois Martham Burnham Thorpe Pudding Norton Witton Thunder Hill North Creake Fritton Oxnead Keswick Saxlingham Nethergate Trunch Wacton Common Barningham Green Withergate Moorgate Pulham Market Wramplingham Upper Sheringham Ragmere Stow Bridge Cawston South Acre Pedham Ellingham Blackmoor Row The Green Ingham Corner Thorpland Wicken Green Village West Rudham Wolferton Letton Green Houghton Horningtoft Paradise Mundford Calthorpe Street Wickhampton Mill Hill Hopton on Sea Heggatt Street Sustead Billingford Little Ryburgh Dickleburgh Moor East Somerton Norton Subcourse Hardwick Tibenham Costessey Park Flordon East Winch Bradfield Burnham Norton Babingley Besthorpe Cobbler's Green Harling Road Topcroft Gunthorpe North Walsham Earlham Eaton Rise Geldeston Rushall The Common Cordwell Mundesley Heydon North Burlingham Attlebridge Welney Hall Green Scoulton Thorpe Market Chapelfield Grove Thursford Bintree Newport Griston Bush Estate Tumbler Hill Happisburgh Common Little Walsingham Thurgarton Edingthorpe Hedenham Newton Flotman Wolterton Wiggenhall St Mary the Virgin Dickleburgh Stanfield Caistor St Edmund Burnham Deepdale Haveringland Blickling Swannington Shadwell North Wootton Croxton East Bilney Swardeston Bodham Emneth Lenwade Bridgham Fen Street Podmore Kirby Cane Hickling Green Great Cressingham Burnham Market Ashwicken Clenchwarton Copy's Green Rushford Old Catton Filby Heath North End Sparrow Green East Barsham Forncett End Colkirk Ingham Suton Street Johnson Street Hardwick Bedingham Corner Spooner Row Broom Green Newgate Corner Upgate Street Snow Street Woodbastwick Snetterton Heath Highoak Weasenham St Peter Eastgate Beetley Weston Longville Saham Toney Weybourne St John's Fen End Beckett End Crowshill Sparham Threxton Hill Croxton Cake Street Snettisham Scottow Thetford Gaultree Broadflash Silvergate Frost Row Rougham Langham Balsam Field Langmere West Runton Acle Rush Green Sea Palling Bradwell Sidestock Burgh Common Little Melton Irstead Street Swaffham Thursford Green Blofield Heath Pettywell Weeting Mill Common Sandringham Colton Tottenhill Row West Beckham Walton Highway Lyon's Green Chedgrave Cley next the Sea Beeston Regis Hengrave Redenhall Upper Street Keswick Wretton Waterloo West Lynn South Creake Stonebridge Forncett St Peter Beachamwell Rockland St Peter Thurlton