Financial Protection from Covid-19

There are times in business after having dealt with one problem after another that you can come up against a brick wall. It happens to every director at some point.

Your company may have had a winding up petition filed against it from HMRC. You may think that Government assistance during crisis periods may be just enough to get you through. That may be wishful thinking.

Every business is not in the same boat. Many businesses have a current cashflow issue based on reduced future sales as a result of the Virus. Your cashflow issues may be the result of you having to service historic debts out of a reduced future cashflow, albeit exaggerated by the Virus. Whereas many other companies can trade on a reduced income stream, your company may be pulled down by the weight of old debt that will always be there until a winding up petition closes the business.

Even though you probably can’t see the benefit of dealing with old debt now, as with any issue, problems often can only be dealt with by one bite at a time. That’s where we come in. We can start the process of getting a deal now with your company’s creditors, whether that is HMRC or trade creditors.

There are two ways in which we can help you:

1. We can prepare and file a CVA in Court, even if the Courts are closed.  If you can raise the scheme Deposit then we can do this.  It may even be possible to get a decision on the CVA subject to the creditors being available to vote.  If they are not then everything would stay in abeyance until the Court are back open and HMRC and trade creditors are back up and working again.  This is the preferred options HMRC will not bailout companies that are insolvent prior to the Covid-19 emergency.
2. The second options to register your case with us with a fee of £2,000.  This will cover you for the work that we do in order to keep  your company in the line for a fast preparation of the CVA when the Courts and HMRC are back working. There will be a massive backlog of cases and we’re sure that you don’t want your company to be wound up without your knowledge.

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