Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
Company Voluntary Arrangement solves Business debt problemsA number of companies are finding trading conditions very tough in the current economic climate with cash flow problems and mounting pressure from creditors. If it looks like you are facing insolvency, particularly where there is a large debt burden, a company voluntary arrangement (CVA) may be a good solution to turnaround your business. Historically a number of creditors were sceptical or resistant to CVA's due to having to write off debt, but recent publicity of well known companies including JJB Sports plc, Focus DIY plc and Black Leisure has made them more receptive to consider the proposal. HMRC debts such as PAYE and VAT can also be included in this solution. The legal process of a Company Voluntary Arrangement is used to settle the business debts with the creditors of the company. The creditors agree to accept reduced payments based on what the business can afford to pay over a fixed period, normally five years. All creditors get chance to vote on the arrangement, but if 75% by value agree then all creditors are bound to the legal arrangement. When the period is over, the creditors write off any outstanding debt and the business is able to continue trading debt free. Frequently over 50% of the debt is written off. Advantages for your Business
- The business can continue to trade.
- The structure of the company and employees can be retained.
- Creditors cannot take other legal action against you.
- Upfront capital investment is not needed (as is the case with a Pre-Pack Administration).
- A chunk of the business debt is written off.
- Creditors get a far better return than if the company was liquidated where they are likely to get little or no return.
- Suppliers can maintain ongoing business with the company. In these troubled times a supplier will be reluctant to lose a customer.