- 29 Aug
Deal Completed - CVA Business Non Recourse Factoring
Here is the latest of our series of deals recently completed. A recruitment company with a turnover in excess of £2,500,000 per annum entered a CVA (Creditors Voluntary Arrangement) and their bank backed factoring company was not prepared to support the company whilst it was in a CVA.
A CVA is a legal procedure, administered by a qualified insolvency practitioner, whereby a company that is insolvent reaches an agreement with its commercial creditors to repay all or part of its debts over an agreed period of time.
We were able to find this recruitment company an alternative non recourse factoring facility from a factoring company that were prepared to support them through the CVA.
More factoring deals to follow . . .