No offence but your guts opinion could just be trapped wind. If youd taken time to read the comment you may have read the HMRC reasoning behind there decision. However, just for sake of argument,do you think someone at HMRC would have approved a CVA but only on the grounds that the company did nothing to strengthen itself? I dont know about gullible, but you need to understand a bit more about business. Personally, Ive always favoured a phoenix, especially when they started with the made up punishments.