In what circumstances can a CVA be proposed and by whom?
Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers
In what circumstances can a CVA be proposed and by whom?

The following Restructuring & Insolvency guidance note Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers provides comprehensive and up to date legal information covering:

  • In what circumstances can a CVA be proposed and by whom?
  • Brexit impact
  • What is a CVA?
  • The CVA proposal and nominee
  • The legal nature of a CVA
  • Why was the CVA introduced?
  • Is a CVA a stand-alone procedure?
  • Which entities can use the CVA procedure?
  • What can a CVA be used for?
  • Who may propose a CVA?
  • more

Brexit impact

As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. References to exit day in many Brexit SIs are to be read as reference to IP completion day (Implementation Period completion day, defined in clause 39 as 31 December 2020 at 11.00 pm) (unless that provision is expressly disapplied by the SI in question). For further details, see News Analysis: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I lawyers and Brexit Bulletin—key updates, research tips and resources. For further details, see Practice Note: Brexit—impact on company voluntary arrangements.

We will continue to monitor developments in this respect and throughout the negotiation period and beyond. In the meantime, for further reading on the impact of Brexit and related issues facing lawyers in this area, see Practice Note: Brexit—worst case scenarios for R&I lawyers.

For updates and details of other Brexit related developments and legislation, see Practice Note: Brexit SI tracker for R&I practitioners. For access to related documents and further reading on Brexit, see: Brexit toolkit.

What is a CVA?

A company voluntary arrangement (CVA) is a binding arrangement made between a company