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    3. What is a ‘CVA’?

    What is a ‘CVA’?

    Women with pen in her hand thinking Frequently Asked Questions

    A ‘CVA’ is a Company Voluntary Arrangement with creditors, which allows the business to pay its debts off over a fixed period of time. The business continues to trade as normal and is protected from creditors taking action against it. Creditors tend to support businesses choosing to enter a CVA as the other option may result in little or no repayment of what they are owed. The CVA however must be reasonable and achievable The CVA proposal:

    • Must be reasonable and achievable
    • The company must be insolvent but still viable
    • must be approved by 75% of creditors.

    Once approved the CVA forms a legally binding agreement that binds all creditors to the agreement whether they voted in support or against the CVA.

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    The Insolvency Experts is the trading name of Cowgill Holloway LLP registered at Regency House, 45-53 Chorley New Road, Bolton BL1 4QR and registered in England and Wales with registered number OC316195 with offices in Bolton and Manchester.

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