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Fast Track CVA

Written By: , Filed under: Articles on: 24/11/2020
Fast Track CVA

Helping clients on the road to recovery

Covid-19 has put thousands of businesses at risk of collapse through no fault of their own and a Fast Track CVA (Company Voluntary Arrangement) is an ideal solution of your client’s business itself is still viable, but just needs the time and creditor support to recover.

What is a Fast Track CVA?

A Fast Track CVA is an innovative restructuring procedure that provides a safety net for viable businesses in this time of economic uncertainty. It is an appropriate solution for many businesses that are struggling with cash flow problems and creditor pressure. It allows companies to negotiate the repayment of debts in manageable instalments so that the business itself is given the breathing space to prosper again.

A Fast Track CVA can help steer previously profitable businesses out of the red and back into the black, while satisfying creditors demands.

Benefits of a Fast Track CVA

  • Speed and agility – 6 to 8 weeks versus normal 3 years
  • Suitable for previously financially healthy businesses that have been impacted by Covid-19
  • Appropriate for owner/family managed businesses
  • Management retains control of supplier/creditor relationships
  • Cost effective due to reduced insolvency practitioner involvement and fees

For further information

Begbies Traynor has a wealth of experience in negotiating with creditors to outline the benefits of a Fast Track CVA as their collective support is key in achieving CVA approval. Maintaining positive relationships with suppliers and customers is an essential part of a Fast Track CVA and this is an area we specialise in.

For more information on how a CVA can help your client, please contact one of our partner-led team. We offer free same-day consultations to quickly establish eligibility, and explain the process further:

Bob Maxwell Partner

T: 0113 244 0044

M: 07776 161 889

E: [email protected]

Julian Pitts Regional Managing Partner

T: 0113 244 0044

M: 07802 267 965

E: [email protected]

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