Apply online and become debt free - Ashley Park: PVA
The Process
PVA's are legally binding agreements that usually last for 5 years. A PVA allows a company to continue to operate.
To apply for a PVA you will need to contact Ashley Park by phoning one of our debt advisors on 0800 043 3535.
Ashley Park will create your PVA application and contact the creditors of your company explaining your financial situation.
When a company trades as a partnership, the partners do not have limited liability, so we will also need to know details of your
individual finances. If 75% or more in value of your creditors agree to the PVA proposal it will become legal. It needs to be
noted that if more than 50% of non connected creditors (such as suppliers or lenders) reject the proposals, then the PVA will automatically fail.
Under the term of the PVA you will then have to make smaller regular repayments to your creditors. If you abide by the terms of the PVA
at the end of the agreement any outstanding debts are wiped clear by your creditors.
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