Company voluntary arrangements

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Practice notes
IntroductionThis Practice Note will give a basic overview of the applicable tests for cashflow and balance sheet insolvency under section 123 of the...
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Produced in partnership with South Square 12th Jan
Practice notes
DisclaimerUnder sections 178 and 315 of the Insolvency Act 1986 (IA 1986), a liquidator or a trustee in bankruptcy (trustee) has the power to disclaim...
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9th Nov
Practice notes
One of the initial signs of distress is usually a covenant breach by the company. The lenders may agree to a simple waiver, which cures a temporary...
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9th Nov
Practice notes
Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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9th Nov
Practice notes
This Practice Note looks at:•the key features of loan to value (LTV) covenants•possible issues with calling an event of default based on a LTV...
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Produced in partnership with Alexander Pelopidas, James Walton and Matthew Brew of Rosling King LLP 12th Jan
Practice notes
Creditors are often keen to establish proprietary claims as they create rights in rem (which attach to the property itself) rather than personal...
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9th Nov
Practice notes
The Court of Appeal has made it clear in JCAM that a moratorium cannot be obtained through the back door by filing a notice of intention to appoint an...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 12th Jan
Practice notes
This Practice Note covers receivers who are appointed by the court, including the circumstances in which a court will appoint a receiver and who may...
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Produced in partnership with John Hughes of Shakespeare Martineau LLP 12th Jan
Practice notes
It is possible for a claim to be brought under section 423 of the Insolvency Act 1986 (IA 1986) against a company or individual following a...
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9th Nov
Precedents
Court Reference No: [INSERT COURT REF. NUMBER][IN THE HIGH COURT OF JUSTICEBUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [INSERT...
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9th Nov
Practice notes
The purpose of section 216 of the Insolvency Act 1986Section 216 of the Insolvency Act 1986 (IA 1986) is aimed at preventing phoenix companies from...
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9th Nov
Practice notes
IntroductionSet-off refers to claims that may be set-off against other claims. A set-off is the right of one party, Party A, who is owed money by...
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Produced in partnership with South Square and BDO LLP 12th Jan
Practice notes
BrexitBREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note....
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9th Nov
Practice notes
DIP financing generallyDebtor-in-possession financing (DIP financing) is new, post-petition financing provided to a debtor in a bankruptcy case. The...
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Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 12th Jan
Practice notes
This Practice Note looks at independent business reviews (IBRs) and aims to:•provide high level guidance around an IBR•identify when an IBR may be...
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Produced in partnership with Allan Kelly of RSM 12th Jan
Practice notes
Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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9th Nov

Most recent Company voluntary arrangements content

Practice notes
WARNING:This Practice Note reflects the position maintained up to 25 June 2020 before the coming into force of the Corporate Insolvency and Governance...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Apr
Practice notes
There is no definition of ‘failure’ of a company voluntary arrangement (CVA) in the Insolvency Act 1986 (IA 1986). It does not explain when failure...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Apr
Practice notes
What is a CVA?A company voluntary arrangement (CVA) is an arrangement between a company and its creditors, supervised by an IP (who is known as the...
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9th Apr
Practice notes
There is very little statutory guidance on modifications to company voluntary arrangements (CVAs) and how to deal with them. Some guidance is given by...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Apr
Practice notes
Neither the company nor its creditors may approve a company voluntary arrangement (CVA) proposal or modification which affects the right of a secured...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Apr
Practice notes
What is a CVA?A company voluntary arrangement (CVA) is a binding arrangement made between a company and its creditors (IA 1986, Pt I). It is the...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Apr
Practice notes
GeneralThe Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, provide a scheme for decision-making in all insolvency procedures. The...
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Produced in partnership with William Willson of South Square Chambers 9th Apr
Practice notes
A company voluntary arrangement (CVA) is a binding contractual agreement between a company and its creditors. A CVA proposal must involve one or both...
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9th Apr
Practice notes
Consideration of the proposalWhat is the process of considering of the proposal?The nominee must summon a meeting of the company in order to consider...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Apr
Practice notes
Introduction to company voluntary arrangements (CVAs)A CVA is a tool available to a company in financial difficulty to restructure its debts. In...
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Produced in partnership with Cathryn E Williams of Crowell & Moring LLP 9th Apr
Practice notes
This Practice Note covers the information which should be provided to the nominee in order to allow them to consider the merits of the CVA proposal...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Apr
Practice notes
The Court of Appeal has made it clear in JCAM that a moratorium cannot be obtained through the back door by filing a notice of intention to appoint an...
Read More >
Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Apr
Practice notes
Who is the supervisor and what is the supervisor’s role in a company voluntary arrangement (CVA)?The supervisor is a key individual in a CVA. For...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Apr
Practice notes
Power to vary a CVAA power to vary a company voluntary arrangement (CVA) is normally included so that, if circumstances change or minor amendments...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Apr
Practice notes
Taxation and insolvencyThere are relatively few specific rules governing the UK taxation of companies that are subject to insolvency procedures. The...
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Produced in partnership with David L. Irvine, Nathan Langford of Kirkland & Ellis International LLP and Philip Ridgway of Temple Tax Chambers 9th Apr
Practice notes
Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 8th Apr
Practice notes
Status of the UKAs of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK...
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8th Apr
Practice notes
On 26 June 2020, the Corporate Insolvency and Governance Act 2020 (CIGA 2020) came into force, see News Analysis: Corporate Insolvency and Governance...
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8th Apr
Q&As
The obligations of a supervisor in connection with a breach of the terms of a voluntary arrangement will be set out within the proposal document and...
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Produced in partnership with Alison Curry of Insolvency Support Services 8th Apr

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