CVAs, liquidation and bankruptcy

When debts become unmanageable, doing nothing usually makes matters worse. Acting early gives you more options and a better chance of a positive outcome. At AccountX we help you understand where you stand and what routes are open to you.

Bankruptcy

Bankruptcy is a formal court procedure that can apply when an individual or business cannot repay what they owe to creditors. We can help you understand whether bankruptcy is the right course, assist with the process, and look for the most amicable and cost-effective way to deal with your debts.

Liquidation

Liquidation is the process by which a company is brought to an end and its assets are distributed. It may be compulsory, often driven by creditors, or voluntary, started by the shareholders, although some voluntary liquidations are controlled by the creditors. We explain the implications and support you through the process.

Company Voluntary Arrangement (CVA)

A CVA is an agreement between a company and its creditors to settle debts, in full or in part, over a period of time. It can be particularly useful for a fundamentally sound business that has hit a one-off difficulty, such as a large bad debt.

A CVA can allow a company to keep trading while it settles agreed terms with creditors, and it binds them once the relevant majority agree. It can sometimes offer a better return to creditors than liquidation. We can help by managing the CVA and negotiating terms.

What to expect from working with us

As fully qualified accountants with offices in Swindon, Oxford and Gloucester, we give clear, honest advice at a difficult time. Please contact us as early as you can.