Business Recovery and Insolvency Practitioners
A Company Voluntary Arrangement is
a procedure in which a plan of reorganisation
takes place and which may involve delayed or
reduced payments of debt or an orderly disposal
of assets.
Business Recovery
A CVA procedure was introduced by the 1986
Insolvency Act and was designed to rescue businesses
with a view to business recovery. The arrangement
is suitable for companies who can offer a realistic
repayment schedule.
Those proposing the arrangement appoint a
nominee who must be an Insolvency Practitioner
to prepare a report to the Court and to summon
meetings of creditors and members.
In order for the arrangement to succeed 75%
in value of the creditors must agree and the
arrangement then becomes binding on all persons
who had notice of the meeting and were entitled
to vote at it.
Company Voluntary Arrangement - Supervision
A supervisor is appointed to oversee the arrangement
and the supervisor may be the Nominee or any
other Insolvency Practitioner.
For details on terms used pleased
see our glossary.
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Company Voluntary Arrangement.
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