When a business become insolvent, our first aim is to see if we can save it (or parts of it) by using a restructuring/turnaround procedure, such as an Administration or a Company Voluntary Arrangement to produce a better return for Creditors than a Liquidation would. This testimonial is from a client for whom a CVA was deemed the most appropriate insolvency process for their Company, Chalfont Hotels, and we are grateful for their kind words.
“We ran a pub and at the end of our lease because we wanted to become free of tie, the landlord declined to renew the lease, preferring instead to take it in house. That left us with no viable business going forward, however, we had a number of creditors with outstanding debts but not enough funds to pay all their money back. As directors, we wanted to maintain our business reputations each having a number of directorships but above all else ensuring that creditors received as much of their outstanding debt back as possible, so we were advised to start a CVA, managed by John Baalham from Antony Batty & Company.
Not long into that process, my co-director and finance director sadly died, making the process significantly harder. John very patiently guided, advised and generally helped us get the CVA over the line and resolved, which is a great relief.”
