Company Voluntary Arrangements
Company Voluntary Arrangements (CVAs) are frequently used by directors who believe their company has a viable future and are prepared to work hard to keep it alive.
A CVA enables the company to reduce its debt levels and improve its cash flow by coming to an arrangement with creditors. Typically, the company will make only one agreed, affordable monthly payment to the appointed insolvency practitioner. The practitioner then acts as a supervisor, distributing the money on a pro-rata basis among the creditors included in the CVA. The amount paid over the agreed term (which can be up to five years) can vary, from full repayment to an agreed percentage of the debt.
CVAs are an excellent way to solve serious debt problems, and in sixty months or less, the company can be declared legally debt-free. There will be a write-off of any outstanding debt once the CVA has been successfully completed.
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Britain’s departure from the EU is (in principle) to be final; Northern Ireland’s is now contingent. Britain is getting a divorce; Northern Ireland is being offered a trial separation. For Britain, there is a one-way ticket; for Northern Ireland, there is an automatic right of return. The implicit offer is two unions for the price of one: unite Ireland and you reunite with Europe.