At Francis Wilks & Jones our team of expert lawyers have many years of experience in acting in company voluntary arrangements for all parties.
Can a company voluntary arrangement help me?
A company voluntary arrangement is a very useful tool for a company that is experiencing some problems in paying its creditors but at the same time has a viable ongoing business and has a good plan for recovery and company rescue in the short to medium term.
One of the great advantages of a company voluntary arrangement is that it binds all creditors owed money from the date that the company voluntary arrangement is signed and agreed. This gives valuable breathing space to a company that is concerned that pressing creditors might bring winding up proceedings against the company before the company has had a chance to turnaround.
Our experience can help – but don’t delay
One thing we have learnt in our years of experience in dealing with company rescue situations is that the sooner you take expert advice, the more options are open to you, and this very much applies to company voluntary arrangements. Our experience has shown us that creditors are far more likely to agree to a reduction in the amount they will be paid, if they know that this is guaranteed under a company voluntary arrangement. They are less likely to be cooperative if they have been chasing you for months and months only to be ignored.
- it also makes sense that the earlier you act, the less debts you will have accrued to be negotiated in the company voluntary arrangement, making it less complicated and in turn, inevitably quicker and cheaper to administer.
- a further benefit of a company voluntary arrangement is that the supervisor of the company voluntary arrangement deals with all the creditors under the arrangement, you simply provide one monthly payment to them, and they do the rest. A supervisor is a professional insolvency practitioner, who deals with these situations as their bread and butter.
As part of a company voluntary arrangement you can often renegotiate with your creditors, including H M Revenue and Customs, and your landlord over rent arrears and ongoing lease obligations.
You may also be able to deal with employees under a company voluntary arrangement, without the usual redundancy problems and payments that ensue.
In a company voluntary arrangement, the directors remain in full control of the company. It is not necessary to notify everyone that your company is in a company voluntary arrangement, so negative publicity is minimal.
Talk to our team
If you think that a company voluntary arrangement is something that could work well for your company, contact us to talk it through. At Francis Wilks & Jones our expert team has many years of experience of acting with companies in company voluntary arrangements. We work with the best licensed insolvency practitioners in the country, and you can be confident that these professionals will deal with your matter at a high level. Contact our friendly team of experts at Francis Wilks & Jones today if you would like to discuss how to take this further.
Whatever your situation – we can help
Do speak to one of our friendly team of advisers for a confidential call on any of these issues if you think it will assist. We have also set out below our answers to the common questions we get asked on this subject which we hope might also help you at this time.