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Information for Companies

We understand how stressful unmanageable debt can be and how daunting it can be to ask for help. 

Not dealing with financial problems could lead to recovery proceedings by creditors escalating, which could ultimately result in a winding up petition being issued and the company being placed into compulsory liquidation. 

At Carter Halliwell we have experience in providing straightforward, unbiased advice to company owners and directors so you can make an informed decision on what’s best for your business. We take the worry away from seeking help by providing a full explanation of both the benefits and drawbacks of the different solutions so that there are no unknowns or surprises. 

How we can help

Time To Pay Arrangement (TTP)

A time to pay arrangement is an informal agreement between you and your creditors (such as HM Revenue and Customs).

A TTP allows you to spread your business tax payments over a longer period of time in a more affordable way, to give you time to get on top of your financial situation.

Although you don’t need a third party to put a TTP arrangement in place, we’ve found that these arrangements are usually more successful if a qualified third party, such as Carter Halliwell, has made an assessment of the company’s financial position; and confirms there is a willingness to deal with the debt.

Company Voluntary Arrangement (CVA)

A CVA is a legally binding agreement between a limited company and its creditors to make regular debt repayments over a fixed period of time. When setting up a CVA, an affordable repayment amount will be decided on, based on the company’s future income predictions, and they’ll pay this each month for the length of their CVA. At the end of this period, any remaining debts will be written off.

Once your CVA is approved, your company can continue trading. 


You can put your company or limited liability partnership (LLP) into administration if it’s in debt and can’t pay the money it owes. 

You’ll be protected from legal action by people or creditors who are owed money and nobody can apply to ‘wind up’ your company during administration.


Your appointed administrator will try to stop your company being wound up (‘liquidated’). If they can’t, they will try to pay as much of your company’s debts as possible from the company’s assets.  

The administrator will have control over the business and can cancel or renegotiate any contracts or make employees redundant.

Creditors Voluntary Liquidation (CVL)

When a company cannot pay its debts, the directors may propose that the company stops trading and be placed into liquidation. The directors convene a meeting of the company’s shareholders and ask them to vote and 75% (by value of shares) must agree to the winding-up to pass a ‘winding-up resolution’. 

Once the resolution is made, an authorised insolvency practitioner must be nominated as Liquidator. 

Members Voluntary Liquidation (MVL)

The directors may choose to put the company into MVL if the company is ‘solvent’ - meaning that it has sufficient assets to pay all of its debts. The majority of the directors must complete and sign a ‘Declaration of Solvency’ in front of a solicitor or ‘notary public’ and then convene a general meeting of shareholders to pass a resolution for voluntary ‘winding up’ (liquidation) and appoint an insolvency practitioner, such as Carter Halliwell, as liquidator.

The liquidator will take control of the company in order to realise assets, pay creditors and return any surplus money or unrealised assets to the shareholders. If it transpires that the company will not be able to pay its debts in full, then the company may be placed into creditors voluntary liquidation. 

Compulsory Liquidation

Although a director may apply to the court to be put into a voluntary liquidation, it’s more likely that a compulsory liquidation will happen following the presentation of a winding up petition by one of the company’s creditors. If the petition is successful, the court will issue a winding-up order and will appoint an official receiver to take charge of the liquidation. 

The official receiver will start the process of turning the company’s assets into money that can be used to pay the company’s debts and will investigate the company’s affairs and the conduct of the directors.

The official receiver may appoint an authorised insolvency practitioner to be the liquidator instead and then the liquidator will realise the company’s assets and pay dividends to the creditors. 

Get in Touch

It’s never too late to find out what solutions are available for you but sometimes taking advice early on can mean that there are more options to choose from. Please get in touch today either by phone or using the link below. 

Call us on: 01942 929376

Address: Westwood Park, Wigan, WN3 4HE