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What is a CVA?

What is a CVA?


A CVA is a formal insolvency procedure for a limited company in the UK where directors get to retain control of the company.

A CVA is usually used as an alternative to liquidation


In a nutshell a CVA is an agreement between a company and its creditors which is legally binding and approved via the court. 

More often than not the company proposes to pay its creditors a better return than the sum they would get in liquidation but over much longer period of time.

If creditors accept the proposed CVA then a line is effectively drawn and all the old liabilities are frozen. 

The company then continues to trade under the control of the directors but must pay for its on-going supplies and liabilities.



David Kirk ACA FABRP

David Kirk

David Kirk is a Chartered Accountant and Licensed Insolvency Practitioner.
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