If you have a limited company which is insolvent, it can use a Company Voluntary Arrangement (CVA) to pay creditors over a fixed amount of time. If your creditors agree, the limited company can continue trading.
Debt Advisory Services can get you a CVA through an insolvency practitioner. There is a charge for applying for the CVA and also to administer it, however this charge can be built in to your payment plan.
Once appointed, the insolvency practitioner will create an ‘arrangement’ outlining the amount of debt you can pay and a payment schedule. Writing to the creditors, the insolvency practitioner will invite the creditors to a meeting in order to vote on it. The CVA must be approved by creditors who are owed at least 75% of the debt.