A Company Voluntary Arrangement (CVA) is a legally binding agreement between the company and its creditors that enables the company to freeze all unsecured debts and repay them over a period of time from the future trading profits of the company.
A CVA can even write off significant levels of debt. We will assist you to prepare a proposal that will be sent to your creditors for them to consider. Commonly, the CVA proposal is based on monthly contributions from future trading and repayments are based on the amount the business can reasonably afford.
You will remain in charge of the company and DCA Business Recovery will oversee the recovery process as Supervisor of the arrangement; we will not be involved in the day to day running of the company, as you know how your business works better than we do.
However it is important that the CVA should not be used to simply write off previous debts and continue trading the company in the previous manner. DCA Business Recovery can assist in supporting you through the process and identify the key factors needed for future success whilst in the CVA and thereafter.