PBC are pleased to report a dividend has been declared on a company voluntary arrangement (“CVA”) which was successfully implemented.
When first approached, Gary Pettit was asked how to place the company into liquidation. However, following advice the directors restructured the business with PBC’s guidance and proposed a CVA to its creditors, which was approved without modifications in January 2013. The CVA included on the sale of a freehold property and moving operations was restructured into one site from three, together with monthly contributions from future trade.
Preferential creditors were paid in full and unsecured creditors have received two distributions overall amounting to just over £79,000.
Gary Pettit said, “This case proves CVAs can help save businesses and preserve jobs. It is really gratifying when you can turn a doom and gloom perception (of directors) into a turnaround situation like this one.”