If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
Company Voluntary Arrangement (CVA) used to prevent Company Bankruptcy (Liquidation)Should your business be in a position where it is suffering from financial difficulties and is struggling to pay its creditors you may be thinking about cutting your losses and closing the company down. This process is often called company bankruptcy. The formal term is actually company liquidation. If a company is liquidated, the company's trading is stopped and its assets are sold and turned into cash or "liquidated". Before deciding your company is bankrupt, it is worth considering whether there may be a possibility of Business Recovery. A possible option is a Company Voluntary Arrangement (CVA). A company voluntary arrangement is a formal legal agreement with the company's creditors to settle the business's debt. For a fixed period (normally 2-5 years), the creditor accept reduced payments based on what your company can afford. Once the agreed number of payments has been made, the creditors agree to write off any outstanding debt and the business is free to continue trading debt free. There are a number of advantages for a business if it decides to undertake a company voluntary arrangement:
- A proportion of company debt is written off
- It gives the company breathing space so that business processes can be changed and the company can move forward
- The business is protected from further legal action by its creditors
- The company itself remains intact therefore protecting key teams and staff
- The company directors to avoid an investigation of wrongful trading which would occur if the business was liquidated