Relax – you have now taken the first step to regaining control of your business or personal finances.

We understand the pressure Directors and Sole Traders are under when suddenly your business becomes insolvent, very possibly through no fault of your own.

If you speak to your accountant for advice they will point out the dangers of trading insolvently, and suggest you speak to an Insolvency Practitioner, which will in many cases result in your business being liquidated.

In this scenario you lose the business you have built up, and on a personal level you may be liable to personal guarantees in respect of bank overdrafts, lease premises etc.

The alternative is to contact Global as soon as possible for a free and confidential discussion on your next steps which may include Liquidation, Company Voluntary Arrangement (CVA) or Raising Finance. We understand the pressure you are under not only from Creditors, but also from trying to keep up staff moral during this difficult time.

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Company Voluntary Arrangement (CVA)

Are you looking to remove pressure from creditors, continue trading and wipe off a significant amount of the business debts? A Company Voluntary Arrangement can be beneficial …

FAQ's - Read more


Is often the last resort for a company as other options may allow it to continue trading. There are several types of liquidation, and it can be the end of a long and stressful road as the liquidator will take over dealing with creditors….

FAQ's - Read more


Directors need to be aware that if they are trading insolvency they are can be jointly and severally responsible for the debts from that point forward – and are unable to claim protection under the Limited Liability status …

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  • Q: If we propose a CVA what will HMRC do?

    A: The HMRC has a duty to consider the deal and the normal process is for the turnaround practitioner to call HMRC and say a CVA is being prepared. The collector or debt recovery unit will then pass the file to the voluntary arrangement service in Worthing.
  • Q: If we propose a CVA what will the bank’s reaction be?

    A: In our experience if the bank is presented with a vague "we might do a CVA" approach they will become very worried very quickly. As you will recall from the CVA guide page preparing the CVA is the job of the directors and their advisors. A properly structured and pragmatic deal that is based on reasonable assumptions will be much more acceptable to the bank.



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