Rescue Company Procedures
Administration
- This is a constructive process of trying to save a company. It is designed to hold a business together while plans are drawn up to rescue the business, sort out the problems and allow the company to restructure.
- Application for this procedure is made through the high court and on the application being made it gives immediate protection from all its creditors including hire purchase and lease creditors. In other words, all the companies assets are protected to enable a plan of action to be put in place.
Company voluntary arrangement
- This procedure allows a limited company to negotiate an arrangement with its creditors by which the creditors agree to a reduced amount paid back over a period of 1-5 years in full and final settlement.
- When the proposal takes effect it binds all creditors who had notice and were entitled to vote at the original meeting.
- It enables:-
- Possible survival of the company as a going concern
- Job saving
- Creditors to receive payment, albeit reduced
- No credit restrictions
Speak to a company debt advice specialist or click here for further advice.
More information:
IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]