In: ufaq
What benefits are there to my Company if it obtains a Moratorium?
July 3, 2020The Company will benefit in a number of ways. The Company will receive a payment holiday from certain pre-moratorium debts which…
Read MoreWhat happens if the Monitor decides that the Moratorium is no longer viable?
July 3, 2020The Monitor is obliged to end the moratorium in certain circumstances. For example, if the Company fails to pay certain debts…
Read MoreHow long does the Moratorium last?
July 3, 2020The moratorium automatically ends 20 business days from the day after the moratorium comes into force. This can however be extended…
Read MoreHow can my Company be saved using the Moratorium process?
July 3, 2020There are a number of routes available such as a CVA, restructuring or a refinance. There is no requirement to specify…
Read MoreHow do I appoint a Monitor over my Company?
July 3, 2020The Moratorium commences when certain documents are filed at court by the Company and the Monitor. The Monitor will also be…
Read MoreIs my Company eligible?
July 3, 2020Yes, unless specifically excluded. For instance, banks and other regulated entities can’t appoint a Monitor. In addition, if your Company is…
Read MoreWill the business lose access to credit after the CVA period?
July 3, 2020Entering into a CVA will negatively affect the company’s credit rating, but it doesn’t mean the company can never use credit…
Read MoreWhat happens to the business once the CVA is over?
July 3, 2020Once a company completes its CVA, it can continue trading as normal without its previous debts. If the company complied with…
Read MoreWe have big tax losses – will they be lost in a CVA?
July 3, 2020No. they can be used in future providing they are recognised losses.
Read MoreWhat happens to Personal Guarantees (PG’s) in a CVA?
July 3, 2020These are guarantees that cannot be removed until the debt is paid off. The longer term repayment to secured creditors should…
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