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Remedies for Struggling Directors: CVAs and Renegotiating with Creditors

Company directors experiencing financial difficulties often consider terminating agreements and contracts to reduce the burden of their debts. A director in this position must avoid delaying decisions and rectify the situation as soon as possible; otherwise the business will experience a rapid decline in trade and become insolvent. Reducing staff and rented equipment will lower costs,…

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Suits You Administration is a Sign of Things to Come

British clothing retailer Suits You has collapsed into administration just eight months after entering a company voluntary arrangement (CVA), which aimed to save the Leeds-based business. Administrators Zolfo Cooper said they would wind down loss-making stores, but support the chain’s successful branches and sell as much of the business and assets as possible. The firm’s…

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Creditors Need to be Empowered in Company Voluntary Arrangements

Company Voluntary Arrangements (CVA) can make creditors feel alienated and powerless, so they tend to accept whatever repayment deal is being offered to them. A creditor with little knowledge of their democratic rights will see 30p in the £1 as better than nothing. The majority of creditors are often ill informed, and many think if…

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Time To Pay Arrangements Can Do More Harm Than Good

According to the most recent figures available, around 200,000 businesses have entered Time To Pay (TTP) agreements with the HM Revenue & Customs (HMRC) in the past 18 months, deferring over £5bn in taxes.   TTP arrangements allow businesses that are unable to pay taxes on their due dates to make monthly payment over a period…

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Portsmouth Defeat HMRC in Landmark Legal Case

As I mentioned in an earlier blog, the reason most football clubs are facing financial difficulties is simple: their expenses exceed their income. Portsmouth FC are no exception and currently facing an uphill struggle to remain solvent. However, their battle became a little easier earlier this month after a high court judge rejected claims by…

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