It is not uncommon to see businesses and companies close shop. There is no surefire formula to keep any business from floundering. Poor management and negative cash flow problems that can cause a business to experience financial difficulties can be easily dealt with. However, events such as natural calamities and a slump in the market are beyond the capacity of any business owner to overcome.
Business owners who experienced financial nose-dive can go bankrupt without realizing that another option is available to save their business. This option is the Company Voluntary Arrangement. A company voluntary arrangement is primarily a contract between a financially distressed business and its creditors. A CVA is an advantageous solution both for the business owners and for the creditors. Through a CVA, the business owner will be able to hold on to his business and the creditors on the other hand will be able to collect at least a portion of the money owed. The main objective of a company voluntary arrangement is to bring back the business to its healthy financial footing and to revive its profitability.
For a CVA to be considered, a business has to have the potential to...
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