FAQs
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How much does it cost for an indicial business evaluation?
Nothing. Here at VOSCAP, we offer a free and confidential initial half hour assessment to evaluate your situation and discuss your options.
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Can you liaise with HMRC on my behalf?
Yes, once formally instructed we can handle all HMRC correspondence, our staff will attempt to ease the process for you as best they can.
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What is the difference between liquidation, administration, and bankruptcy?
Liquidation closes a company permanently, administration aims to rescue or sell it, and bankruptcy applies to individuals, not businesses.
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What is a company voluntary arrangement (CVA), and how does it work?
A CVA is a formal agreement allowing a company to repay debts over time while continuing to trade. It requires creditor approval, our experienced practitioners will ensure you understand all options and the most appropriate option is provided.
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How long does the liquidation process take?
It varies and is very difficult to predict due to the complexity of the procedure but the majority take somewhere between 9 to 18 months.
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What happens to my staff during a restructure or liquidation process?
In liquidation, employees are usually made redundant but may be eligible for statutory redundancy pay from the National Insurance fund. In restructuring, roles may be retained or adjusted.
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Can you rescue my business?
We cannot promise to rescue your business, every case differs in its own unique way. However, if action is taken early, rescue options like a CVA, administration, or restructuring may be more achievable.
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What happens if I have given a personal guarantee for company debts?
You may be personally liable for repayment. We can advise on negotiation strategies and potential solutions; however, it depends on the particular contract signed and whether we are acting in a corporate capacity on your behalf.
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How do you ensure confidentiality when handling sensitive financial and business information during the liquidation or recovery process?
We follow strict data protection policies and handle all cases with discretion and professionalism.