Published: 01/11/2021 By Jane Price
A company voluntary arrangement also known as a CVA allows a company that owes money to enter into an arrangement with it’s creditors in order to pay back debts or a percentage of them.A licensed insolvency practitioner or IP is required when entering into a CVA.
The insolvency practitioner will initially be called nominee for the proposed arrangement. As nominee, the insolvency practitioner has to make sure creditors receive information to decide whether they want to approve the arrangement.
If the arrangement is approved, the insolvency practitioner will then become the supervisor of the CVA and responsible for making sure any agreed terms are met.
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