A Company Voluntary Arrangement (CVA) is essentially a deal with unsecured creditors to pay a percentage (or all) of sums owing. There are also similar Voluntary Arrangements for both partnerships and individuals. Current Climate Due to Covid-19 there are likely to be many entities that are unable to pay their debts as a result of falling asset values (such as
The Current Business Challenge The world is experiencing the biggest Global pandemic in living memory. Many aspects of business life as we knew it have been changed, possibly forever. Most business sectors have been adversely affected by the impact of the virus. The disruption to supply chains and the significant changes to buyer needs and behaviours are causing ongoing problems
Opus Business Advisory Group continues to grow its UK presence and recently opened its doors to a new office in Bristol. This is their 6th location across the UK and a natural step for the Group with Bristol being a significant business hub in the South West of England with a strong presence in the financial services market. Tim Dolder,
Insolvency: Why is Croydon Council declaring itself insolvent? Croydon Council became only the second UK local authority in twenty years to declare itself insolvent when it issued a Section 114 Notice on 11 November, confirming that it cannot fulfil its statutory obligation to balance its books. Northamptonshire County Council was the first back in February 2018. The immediate effect is
Financial help for businesses The Coronavirus crisis has created the most difficult financial climate in living memory, maybe for best part of a century. Equally, never has there been so much help and support for entrepreneurs battling to keep their businesses afloat. The government has laid a protective cloak of loans, payment deferrals and legislation over our commercial Pandemic puddle,
Fraud in the workplace Fraud is never far from the headlines. A little while ago, Patisserie Valerie collapsed into Administration after it was found to have overstated its cash position by £30m and failed to disclose unauthorised overdrafts of nearly £10m. More recently, the global payments processing firm Wirecard filed for insolvency after admitting that €1.7bn of its assets were
