Rescuing companies or their creditors: Understanding the role of the CVA as a rescue procedure in the UK

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Morgan, Susan (2022) Rescuing companies or their creditors: Understanding the role of the CVA as a rescue procedure in the UK. PhD thesis, University of Nottingham.

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Abstract

This study analyses and discusses the interaction of the key elements contributing to the current use of the Company Voluntary Arrangement (CVA) and the role it plays as part of the rescue culture. The areas discussed include potential issues with the current statutory and regulatory framework; the role of the Insolvency Practitioner; the control exercised by the different classes of creditors; and the impact of company characteristics on the use of the CVA.

The CVA is the only UK insolvency procedure that encourages a ‘debtor in possession’ solution while also remaining flexible enough to be used for ‘distributions’ and ‘managed wind-ups’. A distribution CVA is invariably used in conjunction with other insolvency procedures, while managed wind-ups frequently replace the use of a formal liquidation procedure, particularly where the business is not being sold as a going concern. The data from the longitudinal study is used to focus on the perceived impediments to the routine use of the CVA as a first choice option for business rescue.

The study discusses the rescue ideology and external influences on the statutory framework10 together with the wider rescue outcomes post the legal outcome of a completed CVA. This broader discussion includes the impact of the use of the ‘pre-pack'.

Item Type: Thesis (University of Nottingham only) (PhD)
Supervisors: Frisby, Sandra
Mevorach, Irit
Keywords: Company Voluntary Arrangement. CVA, Business Rescue Insolvency Solutions, insolvency
Subjects: K Law > KD England and Wales
Faculties/Schools: UK Campuses > Faculty of Social Sciences, Law and Education > School of Law
Item ID: 68494
Depositing User: Morgan, Susan
Date Deposited: 25 Jan 2024 15:29
Last Modified: 25 Jan 2024 15:29
URI: https://eprints.nottingham.ac.uk/id/eprint/68494

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