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    informal arrangement

    Although not a formal procedure it may be possible to negotiate payment terms for certain debts, most commonly with HM Revenue & Customs.

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    company voluntary arrangement

    A company voluntary arrangement, often referred to as a CVA, allows the directors of a company to put forward a proposal to the company and its creditors.

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    If your company is insolvent, or likely to become insolvent, then it could enter administration.

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    personal liability

    When a company is facing potential insolvency there is a temptation for a director to enter into certain transactions they would not ordinarily do.

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    A creditor may obtain a county court judgment (‘CCJ’) or high court judgment if a company has not
    settled a debt.

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    compulsory liquidation

    Compulsory liquidation (or ‘winding up’) is, in most instances, instigated by a creditor of the company, by issuing a winding up petition in court for payment of an unsatisfied debt.

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