| Commentary

31 Overview

| Commentary

2: THE PROPOSAL—NO CVA MORATORIUM

31 Overview

The Insolvency Act 1986 Section 2 sets out the preliminary steps to be taken when formulating a directors’ proposal for a CVA intended to be put to creditors and to the company1. The procedure applies where the nominee is not the liquidator or administrator of the company. However, apart from the fundamental step of formulating the proposal, the other steps are largely a formality, as it is to be expected that before any such proposal goes forward the directors of the company will have contacted an insolvency practitioner, who will have

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