Insolvency Glossary
Get a Quote!Company Voluntary Arrangement or CVA
A Company Voluntary Arrangement (CVA) is the principal alternative to liquidation. The company voluntary arrangement is a formal arrangement with the company’s creditors typically being paid over a 5 year period, repaying a fixed amount which is lower than the actual outstanding debt, which allows a business to continue to trade whilst repaying its debts at an agreed rate.
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Liquidation
When a company is solvent, it is controlled by the Directors. When a company is insolvent, the Directors can place the company in the hands of a Liquidator, who then deals with the Liquidation. The Directors duties and powers cease, and they can move on to new opportunities, (having learned a few hard lessons along the way).