DIRECTOR REDUNDANCY PAYMENT
Not many Directors are aware for their entitlement for themselves to take redundancy payment during insolvency.
- Liquidation
- Pre Pack Administration
- Administration
- Company Voluntary Arrangements (CVA)
- Receivership
- Informal Arrangements
- Individual Voluntary Arrangements (IVA)
- Bankruptcy
- Debt Relief Orders
Advantages of a Director Redundancy Payment
You stay in control of your company, even while it’s in a CVA
Pressure from creditors and HMRC ends while you prepare a CVA
Entering into a CVA can improve your company’s cash flow
While in a CVA, your company is protected from creditor legal action
In many cases, a CVA is the best option for avoiding liquidation
Entering into a CVA is far less public than other options
In a CVA, your company can make important restructuring changes
Both your company and its creditors benefit from a CVA
Disadvantages of entering into a CVA
Entering into a CVA can affect your company’s access to credit
If you break the terms of a CVA, your company could be liquidated
At least 75% of creditors need to approve your CVA proposal
A CVA is not a short-term solution and can take several years to complete
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