From Red Cover:
Red Cover has been going through some difficult times recently, during a period of rapid growth and without the benefit of third party investments.
To this end a formal meeting was held with a representative group of contributors and creditors. At this meeting, administered by Fisher Partners, Chartered Accountants, a plan to take the company forward under the Company Voluntary Arrangement (CVA) was approved unanimously.
"We put forward a number of proposals and all were accepted," comment two contributors, Andrew Twort & Johnny Bouchier.