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COVID-19 Help


Covid-19: Help for limited companies

Covid-19 resulted in business interruption on a scale never before witnessed, with entire industries ground to a complete standstill, while other sectors were faced with continuing to operate amidst heavily reduced demand for their products and services.

While many were about to heavily reduce certain outgoings, such as employees’ salaries due to the government’s furlough scheme, this lengthy period of forced closure still left many businesses across the country faced with having to keep up with other overheads on severely reduced takings.

As we adjust to a post-lockdown world, and businesses are given the green light to recommence their operations, it is becoming clear that a return to the ‘normality’ which we all knew, may take longer than previously anticipated. Changing consumer habits and customer preferences is going to make the road to recovery particularly challenging for a number of industries, especially those who rely on the custom of social groups and mass gatherings. Others may be able to bounce back more quickly, however, recovering from several months of low level, or non-existent trade, will still pose difficulties.

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A fast-track CVA could be appropriate

As trade starts to return and business begin looking towards the future, there will be many who face a battle to settle historic debts and the liabilities accrued during the lockdown period. As customers and demand returns, many companies will discover their chances of future success are hampered by the burden of existing borrowing and temporarily reduced income.

If you believe your business is viable, yet your liabilities are making it difficult for you to make a profit, a fast-track CVA may be appropriate. With a fast-track CVA you can quickly enter into formal negotiations with creditors, with the aim of lowering your monthly repayments and, depending on your company’s ability to repay your borrowings, you may also be able to arrange for some of this to be written off completely.

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How Fast Track CVA could help

If your business is struggling in the wake of Covid-19 and you are finding recovering from months of interrupted trade being made more difficult by historic debt, seek expert advice to understand whether a fast-track CVA could be a solution. This process can only be entered into under the guidance of a licensed insolvency practitioner who will assume the role of nominee and supervisor of the CVA, and will handle all negotiations with creditors on your behalf.

To discover whether a fast-track CVA could be right for your company, call our expert advisers today for immediate help and advice.

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