A creditor voluntary arrangement, also known as a Company Voluntary Arrangement, is the only real formal company rescue procedure that utilises insolvency law. Lots of directors across the UK are suffering with rapidly dwindling cash flow resources and yet these business cash flow problems could be rectified with a creditor voluntary arrangement.
Don’t let your business sink lower and lower just for the sake of not researching a creditor voluntary arrangement. This will probably write off debt with the balance repayable over 5 years. Now that would sort your problems out!