Corporate Help

Options for Dealing with Corporate Financial Problems

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The following are the main solutions available to individuals with financial problems.


Sell non-essential assets or alter company structure to return to profitability. Close divisions, make redundant, manage cashflow or sell part/all of business . Sale of business.

  • Maintain existing trading activities
  • Preserve relationships with employees, suppliers and other interested parties
  • Retain control of company
  • Must be foreseeable future for company
  • Difficult to do correctly

Informal arrangement

Negotiate with creditors individually to achieve a settlement of the entire debt, reduce interest payments or extend terms of agreement

  • Cheap to achieve
  • Can reduce pressure if agreement reached
  • Not legally binding
  • Not all creditors may agree
  • May impact ability to trade with essential suppliers

Company voluntary arrangement (CVA)

Formal agreement with all creditors to agree settlement of debts at a rate usually less than 100%

  • All creditors bound
  • No comeback from creditors as long as agreement is maintained
  • Agreement is completely flexible
  • Costs of CVA and payments to creditors can be drawn from contributions
  • All creditor action frozen
  • Retain control of company 
  • Needs 75% in value of creditors to agree
  • Only those creditors who have received notice are bound by terms
  • Can be costly to achieve
  • Could last up to 5 years 


Court process to instruct insolvency practitioner to take control of company and realise assets, from selling business to forced sale

  • Ability to continue trading so as to maximise realisations
  • Business may be sold and employees’ jobs saved
  • More costly than liquidation
  • Lose control of company
  • Investigation into conduct of directors


Normally closure of company and forced sale of all assets. Appointment of insolvency practitioner to take control of company.

  • Closure of financial problems
  • Lose control of company
  • Termination of business
  • Employee redundancies
  • Investigation into conduct of directors