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.