In 2000 the government made changes to the Insolvency Act 1986 to make the use of company voluntary arrangements (CVAs) a more effective method of corporate rescue. These changes, including the introduction of a moratorium, to come into force at the beginning of 2002 following substantial amendment to the Insolvency Rules. This work provides insolvency practitioners with immediate and extensive guidance on the new regime. A detailed explanation of the advantages and disadvantages of CVAs, the prescribed procedure and the likely problem areas will enable practitioners to assess their practicality and assist them in their management.
Table of Contents
Introduction - The Procedure - The Role of the Nominee - Costs - The Proposal - The Creditors - The Creditors Meeting - Implementation and Supervision of the CVA - Default and Failure of a CVA - Taxation - Partnership Voluntary Arrangements - Conclusion and the Future - Appendices Appendices include a practical example of a CVA proposal.
Geoffrey Weisgard has been involved in corporate recovery and insolvency services for over 20 years. He is a Chartered Accountant, a Licensed Insolvency Practitioner, a member of the Association of Business Recovery Professionals (the new name for the Society of Practitioners of Insolvency) and a member of the Chartered Institute of Arbitrators. He is a partner with Mitchell Charlesworth, Chartered Accountants.