A CVA is a procedure that enables your company to put forward a proposal to its creditors that asks them to agree to accept a certain sum of money in settlement of debts due. It is a formal insolvency procedure and involves renegotiation of payments to creditors. The proposal ring fences the debt up to the point it is created and becomes part of the agreement.
How will Cowgill Holloway Business Recovery help?
When you initially approach us we become appointed as Nominee. It becomes our job to value your company assets and help with the production of a statement of affairs that shows why a CVA would be more favourable to creditors than liquidation. Once the creditors approve the CVA, we then become Supervisors of the arrangement.
Our duties include:
- Assisting with the drafting of proposals
- Liaising with creditors to obtain the relevant approval
- Filing all necessary paperwork
- Handling all correspondence from creditors
- Monitoring the terms of the proposal
- Agreeing creditor claims
- Paying dividends to creditors after costs