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How to make the most of creditors’ meetings (part 2)

Creditors must be proactive in creditors' meetings

Creditors in a statutory insolvency procedure must request and attend a physical creditors’ meeting if they want to assert any significant influence. A meeting of creditors normally takes place shortly after a company becomes insolvent. There creditors get the chance to: Hear an explanation of why the business failed   Appoint an insolvency practitioner (IP) Agree…

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Tips for creditors in a company voluntary arrangement

Creditors in a CVA should try to appoint their own supervisor

You must respond quickly if you’ve become a creditor in an insolvency procedure such as a company voluntary arrangement (CVA). A CVA is a formal contract between an insolvent company and its creditors. The agreement allows a company to continue trading while repaying creditors, usually over 3 to 5 years. You’ll find financial information and a…

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Benefits of a CVA for directors and business owners

Directors and business owners can use a CVA to expand their business

A company voluntary arrangement (CVA) offers many benefits if you have a profitable company that’s been devastated by the Covid-19 pandemic. A CVA is a contract that allows an insolvent company to continue trading while repaying creditors over time. The procedure is great for a company that requires substantial debt to be excused so trade and cash…

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Tips for creditors in administration

Creditors must move swiftly and request ameeting of creditors

Many business owners and directors will return after lockdown to discover they’ve become creditors in a statutory insolvency procedure, most likely administration. This is because administration is an attractive solution for business owners looking to avoid incurring further debts with suppliers following Covid-19. The procedure is a rescue mechanism for asset-rich but insolvent companies and…

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Understanding your insolvency practitioner (IP)

Seek advice from an independent professional when considering any insolvency procedure

When attempting to restructure or liquidate a company you will need a strategy designed for your specific requirements and circumstance. Lawyers are expensive and a licensed insolvency practitioner (IP) may not be able to provide you with impartial advice. In these situations, it’s always best to seek the support and guidance of an independent professional…

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How to make the most of creditors’ meetings

Creditors must be proactive in creditors' meetings

Most creditors assume they’ve lost all their money when a customer enters a formal insolvency procedure. That’s because few creditors understand how much they can influence an insolvency procedure by actively engaging at Creditors’ Meetings. Creditors’ Meetings usually take place between 1 and 10 weeks after a company declares insolvency. At this meeting, creditors are:…

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