CVAs are an agreement between an insolvent or financially-challenged debtor organisation and its creditors; this is option is aimed at avoiding the liquidation of the company’s assets.
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A Pre-Pack Administration is where a sale agreement is made before a company enters the Administration process; as soon as the company is in Administration their assets are sold.
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If you are personally insolvent and owe more than you can afford to repay, you may think that bankruptcy is the only option.
However, this is not always the case and very often, at Hart Shaw, we are able to help our clients propose and agree an IVA with their creditors.
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You can choose to liquidate your limited company, which means that its assets are used to pay off its debts and any money left goes to the shareholders.
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Sometimes the solution for a company in financial difficulty is for its business and finances to be restructured. This may involve changing banks, moving from overdraft to a form of asset based lending such as invoice discounting, converting debt into equity, or raising new capital.
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Bankruptcy is the formal court process for dealing with the financial affairs of insolvent individuals. A Bankruptcy Order can be applied for by the individual themselves or by a creditor who is owed more than £750.
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