if a company enters a credit voluntary agreement what does this mean???does this mean the start of the end…do you know of any companys that have done this and got back on track■■?
any help would be much appreciated
clarkyboy:
if a company enters a credit voluntary agreement what does this mean???does this mean the start of the end…do you know of any companys that have done this and got back on track■■?any help would be much appreciated
You work for McCarthys then 
clarkyboy:
if a company enters a credit voluntary agreement what does this mean???does this mean the start of the end…do you know of any companys that have done this and got back on track■■?any help would be much appreciated
i think its similar to an iva? Its an alternative to bankrupcy where you arrange with your crediters to pay back what you can afford for a period of time agreed, 75 percent of your creditors or more have to agree to the arrangment 
Mrknowitall:
clarkyboy:
if a company enters a credit voluntary agreement what does this mean???does this mean the start of the end…do you know of any companys that have done this and got back on track■■?any help would be much appreciated
i think its similar to an iva? Its an alternative to bankrupcy where you arrange with your crediters to pay back what you can afford for a period of time agreed, 75 percent of your creditors or more have to agree to the arrangment
if so wont be able to get credit unless it works difrently for buissneses
thanks for the reply…
I know which firm this is - I’m not sure it’s confidential, as it was on the front page of one of the local rags today, but I won’t name them - and the MD sounded fairly positive. Whether that’s just spin or not, I don’t know. They’ve epanded a lot lately, with lots of new kit - wonder if they’ve just over-extended a bit.
Any issues with getting credit would hit a haulier hard, on things like fuel, servicing etc
sea frog:
Mrknowitall:
clarkyboy:
if a company enters a credit voluntary agreement what does this mean???does this mean the start of the end…do you know of any companys that have done this and got back on track■■?any help would be much appreciated
i think its similar to an iva? Its an alternative to bankrupcy where you arrange with your crediters to pay back what you can afford for a period of time agreed, 75 percent of your creditors or more have to agree to the arrangment
if so wont be able to get credit unless it works difrently for buissneses
that is the case with an iva but it may be different for buisness 
just in case anyone’s wondering
Denis F:
just in case anyone’s wondering
thanks i was wondering.
Nice to know that some will try to keep the company going instead of just running away with the remaining assets.
Me too. Lets be honest there have been bigger transport companies than them to go to the wall. Lets hope for the sake of their employees and customers that they can sort it out…
Iv seen 1 of there wagons today at stanley wines in Durham getting unloaded
billybigrig:
clarkyboy:
if a company enters a credit voluntary agreement what does this mean???does this mean the start of the end…do you know of any companys that have done this and got back on track■■?any help would be much appreciated
You work for McCarthys then
yes mate i do…and i really enjoy it tbh…hard work at times…hours can be long…but these gave me a start when i had no experience and in particular the transport manager…hes a top bloke.
We have had 8 companys enter a cva over the last 5 yrs, none are here any longer.all went bankrupt on me eventually, it tends to just prolong the agony, however, im sure this company will be the exeption…good luck to them.
A HAULAGE firm employing 180 people is driving a deal with its creditors.
McCarthy Haulage, based in Wrexham, filed a creditors voluntary agreement (CVA) on Thursday.
Managing director Mike McCarthy promised that no jobs would be lost and spent the weekend resolving financial details with the company’s 24 customers — major businesses across North Wales and the north west — and now the future looks a lot brighter.
The haulage organisation has been a mainstay at Redwither Business Park on the town’s industrial estate for more than 20 years, and Mike is pleased they can now move forward and build on past success.
“We are positive for the future, though it has been a trying few weeks,” he told the Daily Post last night.
“We did not want to alarm staff or our workers.
“No jobs will be lost and the changes we have made in the business mean that we are all better placed to move forward.
“We have the support of the bank — the Close Brothers Group — and our customers are behind us.
“Some have even offered to give us more contracts to help us out,” Mr McCarthy added.
The CVA was filed in court on Thursday last week and will take 14 days to process.
It will mean that McCarthy Haulage pays its creditors in a structured way over a longer period and staves off the risk of the company going into administration or insolvency.
Mike added: “We have a dedicated team of drivers and managers dealing with each client.
“And we are competitive with the big companies in this industry.
“I am confident that will continue, and would like to thank the creditors and our customers for their support.”
Phil Wildbur of Turnaround Solutions, who helped broker the deal with creditors over the last few days, said: “The business is operating in a very tough sector severely impacted by the austere economic environment but it has good management, good people and a strong customer-base.
“We have supported the business through both a financial and operational restructure programme and, with the support of its creditors and customers, it will continue to be a key employer in Wrexham.”
martin.williams
richmond:
We have had 8 companys enter a cva over the last 5 yrs, none are here any longer.all went bankrupt on me eventually, it tends to just prolong the agony, however, im sure this company will be the exeption…good luck to them.
you think i should start lookin elsewhere quick…weve got 100 drivers,with not many jobs locally
No, i would stay , if all fails the govermant will pay your wages, and they might just make it, the govener sounds confident and it is in his interest, but alawys a good idea to keep your eyes open and have a plan b, if plan a should fail.If woolworths can go, nobodys safe anymore.
i really dont want this company to go down the pan…i enjoy it,however i also have a mortgage and 2 young children…i really dont know what to do for the best…
brian yeardley continental of featherstone west yorkshire
did the same a few year ago and
managed to pull it round and now that buisness is doing well
Mrknowitall:
clarkyboy:
if a company enters a credit voluntary agreement what does this mean???does this mean the start of the end…do you know of any companys that have done this and got back on track■■?any help would be much appreciated
i think its similar to an iva? Its an alternative to bankrupcy where you arrange with your crediters to pay back what you can afford for a period of time agreed, 75 percent of your creditors or more have to agree to the arrangment
The IVA does work. When I reached 65 and decided to carry on driving, I took out an IVA .
In 4 years I had cleared ny debts off paying a fraction of what I owed, The only thing is I cant get credit, but I find that a good thing 'cos I am bobbins with money. If I want something now I have to save up for it and pay cash , but I dont pay any interest which got me into debt in the first place. 