Insolvency - Voluntary Arrangements

There are essentially two types of Voluntary Arrangement: Company Voluntary Arrangement (CVA) and an Individual Voluntary Arrangement (IVA).

A Voluntary arrangement is an agreement between a debtor company or individual and its creditors whereby agreement is reached over the amount to be repaid upon a debt (usually a lesser amount then owing) over a fixed period with various conditions being attached.

Such Arrangements are another element of the rescue culture and useful where a company or individual cannot afford to repay its entire liability but a proportion of the same and to enter such an arrangement is a better financial prospect for both the client and its creditors.

Our insolvency team acts for both companies and individuals in such arrangements and places them in contact with a suitable Supervisor able to administer the arrangement, in addition to advising creditors upon such proposals and opposition tot he same.