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This is the place to ask questions if you are already in a CVA
By MarkyB
#21250
My company started a CVA in August last year. The agreement is to pay £700 a month into the CVA. At the time this looked achievable but it is becoming increasingly difficult. What are my options now? Any advice or suggestions would be appreciated.
#21267
Hello MarkyB and welcome to the forum.

If the business is struggling to pay the company voluntary arrangement (CVA) the first thing you need to do is talk to the IP who is supervising the arrangement. It may well be possible to vary the CVA so that the payments made into it can be reduced. The payment term could then be extended to ensure that the creditors still get the amount initially agreed.

In most cases this is a far better solution than allowing the CVA to fail which could result in the company being wound up and the creditors receiving far less.
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By James Falla
#21272
Hello MarkyB

I agree with Steve. Speak to your IP as soon as possible. They will be able to work with you to find a solution which may involve reducing the monthly payments or even taking a payment holiday to get the company through A particularly difficult period.