Brewbot Technology Firm have reportedly managed to avoid a winding-up petition by entering a Company Voluntary Agreement. This CVA agreement has avoided Her Majesty’s Revenue and Customs (HMRC) petition to close the business.
A Belfast based beer-making technology firm has reportedly agreed to a Company Voluntary Arrangement (CVA). It was agreed after HMRC filed a petition to permanently close the business.
A CVA is a voluntary agreement made with the creditors and the agreement allows the company to pay the outstanding debt over an agreed period of time. This allows the business to continue trading. The application for a CVA agreement can be made by the directors of the company, the legal administrators of the company, or the appointed company liquidator.
Belfast court heard that the business has entered into the CVA agreement. This has resulted in the Winding-Up Petition being dismissed.
A spokesperson for HMRC stated: “We don’t comment on identifiable companies”.
Winding-up Petition Solicitors
If you have received a winding up petition our legal experts are able to provide legal advice and representation. Our team of solicitors and barristers can obtain a court adjournment; CVA’s or successfully challenge the validity of the winding up Petition to ensure that the petition is dismissed, often without public advertisement.