Company Voluntary Arrangements are epic:- When a big Burly Bailiff turns up at your door, you may wish that you looked like Butler in 300 rather than a rabbit in the headlights.
It’s a common trait for directors having cash flow issues to bury the paperwork for a while and so it becomes a shock when events drive the paperwork back to the top of the pile.
Stress only goes away once the problem is resolved rather than ignored. But ignoring the problem, usually as a result of not being aware of all of the available options, is very common.
If the company debts are over £20,000 and are unsecured, with no prospect of being able to settle within terms, then as long as business is coming or will come still come through the door, a Company Voluntary Arrangement could end all the stress and allow time better spent on building the business.
This is a far better route than suffering a Winding up Petition, especially from HMRC, and having to be dragged through the courts.
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