The supervisors of independent carpet and flooring firm Swift overseeing its Company’s Voluntary Arrangement (CVA) has reported the business is on track with its terms.
Insolvency firm Kirks was appointed as supervisor in February 2012 following the imposed CVA, which saw Swift rack up a creditors bill of over £173,000 from 36 known creditors.
Included within the sum, a VAT bill from HRMC of more than £33,000 has been agreed, as well as other claims from Torbay Council and Barclays Bank at £16,000 and £10,000 respectively.
Under the terms of the CVA, Swift has committed to a period of 60 monthly contributions of £600, and is now on the fourth year of its arrangement, so far contributing a total of over £21,000, with around £7,000 made in the last year.
Stated within the report filed on Companies House, the company has ‘continued to maintain all contributions due’ into the arrangement in a ‘timely manner’ throughout the year.
South Devon-based Swift Carpets and Flooring has been established since 2008 and specialises in flooring for the home and business sectors.