For distressed businesses with a viable future, a Fast Track Company Voluntary Arrangement (CVA) provides both time and relief from creditor pressure to allow businesses to trade out of insolvency by paying current liabilities out of future profits, while allowing current concerns to be addressed and a robust plan to secure its future is implemented.
The impact of COVID-19 on businesses is 2020 has been catastrophic. If you are considering whether to apply for a CVA, you are certainly not alone. And in our experience, we believe a Fast Track CVA will become the most common post-COVID insolvency procedure for businesses across the UK as the process is ideally suitable for companies that were viable, have been hit by unprecedented problems out of their control, and could potentially be viable again in the future.
