Explore 800 Articles on Consolidating Your Debts
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| Liquidation | Explore 800 Articles on Consolidating Your Debts
COMPANY VOLUNTARY ARRANGEMENT
A Company Voluntary Arrangement (CVA) is an arrangement between the company and its creditors.
Through a company voluntary arrangement the directors can put a proposal to the company and its creditors for payment of part or all of the company's debts, usually over a period of time. The directors must engage an insolvency practitioner to act as nominee. The nominee carries out the initial procedure that must be gone through to set up a voluntary arrangement. Meetings of the company and its creditors must then be held to vote on the proposal. A majority in excess of three quarters in terms of value of the creditors present in person or by proxy and voting must vote in favour of the resolution for it to be passed at the creditors' meeting. Once a proposal has been approved, its implementation is overseen by an insolvency practitioner acting as supervisor.
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The terms of the CVA is known as the "proposal". The proposal contains details which will typically (not always) be drafted by an ‘Insolvency Practitioner’ on behalf of the company for the consideration of the creditors. The main reason for an IP is the quality and worthiness that is attributed to the deal that is proposed.
Creditors will be informed in advance by the IP of a Creditors' meeting.
The Creditors will be able to vote at this meeting in accordance with the value of their debt.
A 75% majority will be required. The 75% majority relates to votes in favour of the proposal by creditors representing 75% of the value of the company's liabilities.
A percentage of creditors' votes required at all times relates to the body of creditors who are entitled to vote and who have exercised their entitlement.
Explore 800 Articles on Consolidating Your Debts
HEALTH CHECK
If you feel the STRESS is affecting your health then it may be advisable to end the cause of the stress. It may mean a few changes in your life, but remember that you've probably ridden a bumpy ride so far and shown how resourceful you are; so to end the cause may not necessarily mean an ending of a chapter, but the starting of a new one. You are resourceful, you are competent, so therefore a new start is maybe just what you need. You will find an article about stress should you need it within this website.
DISCLAIMER – Reading and understanding the legalities of Liquidation and Bankruptcy on this website is no substitute for proper legal advice. Whilst the information within this website is a good guide, there maybe situations where the information is not understood correctly or miss-interpreted.
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