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Company Voluntary Arrangement (CVA)

A formal contract between an insolvent company and its creditors, which allows the company to continue trading while repaying creditors, usually over 3 to 5 years. For the proposal to be approved, 75% of creditors must vote in favour. If the company falls into more than 2 months’ arrears, the arrangement will be deemed to have failed, and the insolvency practitioner / supervisor will be obliged to wind up the company.

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