Wirral-based transport and storage firm TWA Logistics has entered into a company voluntary arrangement (CVA) as it seeks to pay back more than £300,000.

At a creditors meeting on 5 December 2014, 92% of creditors voted in favour of an arrangement that will see them receive a minimum dividend of 40p in the pound over a five-year period.

Documents filed at Companies House show that the firm owed £324,404 as of 5 December.

The CVA will see the Pallet-Track member pay back no less than £4,750 a month for a minimum of 60 months, but CVA supervisor Mazars will conduct a review of the company’s income and expenditure every 12 months and seek to increase its contribution to creditors.

Significant creditors include HMRC, which is owed £289,220; George Allison (Transport) (£9,348); and Proactive Personnel (£16,696).

TWA Logistics director Trevor Ashton was unavailable for comment.