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Company Voluntary Arrangement (CVA)...


This is a procedure which enables a company to put a proposal to its creditors for an agreement under which the creditors agree to accept a reduced sum of money in settlement of the debts due to them.


The procedure is very flexible and the form which the arrangement takes will depend on the terms of the proposal agreed by the creditors. It may involve delayed or reduced payments of debt, capital restructuring or an orderly disposal of assets.


The proposed arrangement requires the approval of at least 75% in value of the creditors, and once approved is legally binding on the company and all its creditors, whether or not they voted in favour of it. There is limited involvement by the court, and the scheme is under the control of a licensed insolvency practitioner acting as a supervisor.



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