The company had been trading for many years but had got into PAYE and VAT difficulty and owed over £250,000 which was accumulating with interest and penalties.
The directors wanted to carry on as they had a good reputation in the industry for quality workmanship but could not raise £250,000.
We helped the directors prepare a Company Voluntary Arrangement proposal and called a meeting of creditors to consider either accepting or rejecting the proposal based on creditors getting back 30p in the pound over five years. Interest and penalties were all frozen.
The creditors agreed to the proposal and the company has not missed a monthly payment into the Company Voluntary Arrangement since it was approved.
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