That means he will have a different set of priorities to you and he is confined by the terms of the Company Voluntary Arrangements as to what actions he can take. If you don’t make the payments on time those actions could be drastic!
The following paragraph is taken from the Statement of Insolvency Practice issued by R3 - the governing body of Insolvency Practitioners:
Practitioners should be clear about the nature and extent of their role and their relationship with the directors in the pre-appointment period. Where they are instructed to advise the company, they should make it clear that their role is to advise the company and not to advise the directors on their personal position. The directors should be encouraged to take independent advice.
If you haven’t taken independent advice - you should do so straight away!
You need a Plan B!
We have a deep understanding of Company Voluntary Arrangements and how they work. Sometimes there is a better answer. Let us help you find the right way to solve your company’s problems. We are working for you!
0800 622 6332
A Message to Company Directors
If you are thinking of putting your company in to a Company Voluntary Arrangement - call us! There may be other solutions.
If your company is already in a Company Voluntary Arrangement let us help you monitor the situation.
Here’s the important point:
The Insolvency Practitioner (he’s called a Nominee when setting up the Company Voluntary Arrangement and a Supervisor once it’s in place) is working for the company’s creditors not you!