Rescue

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A Company Voluntary Arrangement (CVA) is a formal insolvency process agreed
between a company and its creditors where a proportion of debts are often
written off and the company agrees to pay back a lower proportion of the
remaining debt in regular monthly instalments.

A Business Individual Voluntary Arrangement (IVA) is a legal agreement reached between an individual or sole trader to make regular monthly payments on outstanding business and personal debts.

Payments usually last about five years with CCJs, bailiffs and creditor actions all stopped once the arrangement is in place.

Administration is a formal insolvency process that puts a company under the
control of an external administrator to see if the company can be rescued.

A Time to Pay (TTP) agreement is a legal agreement where a company that owes
money to HMRC agrees to pay regular instalments on an agreed timescale.

A winding-up petition (WUP) is one of the most serious threats any company can
face.

If ignored, or a judge agrees then it means the compulsory liquidation of the business.

Game Over.