Sole Proprietor Voluntary Arrangement

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Sole Proprietor Voluntary Arrangement

Thinking of a Sole Proprietor Voluntary Arrangements? What Are The Options?

 

A sole proprietor voluntary arrangement, briefly put, is a way to ringfence your business and stop creditors attacking you while you rebuild things or otherwise rearrange your procedures to the betterment of the business.

A sole proprietor voluntary arrangement allows a viable but struggling business to repay some, or all, of its historic debts out of future profits, over a period of time to be agreed. This puts it on a par with other better known terms like Company Voluntary Arrangement (CVA) or Individual Voluntary Arrangement (IVA). The actual legal term does not exist, so it will be a CVA or IVA that will be put into place.

Some sole proprietor voluntary arrangement benefits for your business:

• Can improve cashflow quickly.
• Stop pressure from HMRC and crown sources while the arrangement is prepared.
• It can cut costs quickly.
• The ability to terminate landlords’ leases without cost and simply walk away from the lease.
• The ability to terminate directors or managers contracts too.
• Terminate burdensome customer contracts.
• There are much lower costs than Administration.
• It can terminate employment contracts, leases and burdensome supply contracts for no cash cost and there is no need to consult with employees, simply to issue P45s to terminate employment.

There are also other ways to consider which will benefit an ailing sole proprietorship which may be more suitable for your own situation. Insolvency is never a one-size-fits-all matter, and we will put together a solution made especially for your own circumstances.

If you would like to talk about a sole proprietor arrangement to a specialist with 17 years corporate insolvency experience then enter your details into the web form below for a no-obligation chat.

However, if you need help with personal debt (rather than business related debt) go to our free debt management plan application form.

 

 

 

 

We specialise in the following:

business debt factoring
invoice discounting

business bankruptcy
business finance

company bankruptcy
voluntary arrangement

pre pack administration

voluntary liquidation
business liquidation
wrongful trading
business insolvency
business rescue
business turnaround

pre pack liquidation

 

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