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Monday, 18 April 2011

HMRC will support a CVA

Just because HMRC rejected the CVA proposed by Oddbins they have not had any change of policy. In fact the Voluntary Arrangement Service (VAS) have just recently published their policy on CVAs



This can be found at http://www.hmrc.gov.uk/helpsheets/vas-factsheet.pdf


Their opening statements below;
Conditions for supporting a CVA proposal


We consider voluntary arrangements on an individual basis, and will vote to support proposals where:


• debtors are honest in their financial disclosure
• an optimised and achievable offer is made to creditors
• provision is made for payment of all future debts on time
• they treat all creditors within the same class equally
• there are no exceptional reasons for rejection.


However, we will not support debtors (individual or corporate) who do not allay our
concerns about their proposals.


We aim to respond to all voluntary arrangement proposals within seven days of receipt.



So there you go! However just phoning them up asking for a CVA is not an option. They need to see concrete proposals or a good working draft.

Getting a professional to do this gives you the best chance of success.

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Many thanks for your comments. If you have a private business problem and you want advice give us a call on 0800 9700 539 or email me at keiths@companyrescue.co.uk. If you are a professional advisor with a troubled client, please suggest they visit www.companyrescue.co.uk or contact me as above.

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