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Company Voluntary Agreement

(1 Post)
llaregguBOO Wed 28-Oct-09 21:37:38

I did post this in the freelancers board but thought I might post it here too.

I've been chasing an outstanding invoice for work we carried out last July. We've had various excuses and promises and today a thick envelope popped up in the post.

The company in question is proposing a Company Voluntary Arrangement and we are therefore being given notice of a meeting of creditors to discuss the proposals. It is proposed that they repay an amount each month for 58 months and that creditors will get roughly 50p per £ owed. There is a long list of secured creditors and an even longer list of unsecured creditors, which is what we are.

I'm assuming that we may not see this money for a long time? It won't break us by any means but I've no experience of knowledge of this.

TIA.

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