Purnells

	Two types of CVA
	what are the two types? why two types? who can apply for a new type of CVA? are their different rules? when would an old type CVA be used? when would a new type of CVA be used?
	Old type CVA - No Moratorium the limbo period nominees duties disclosure issues directors duties the proposal impact of proposal on various parties
	New type CVA - With Moratorium enormous power enormous responsibility disclosure issues impact of proposal nominees duties creditors meeting voting rights supervisors duties a typical proposal costs concluding the CVA banks and debenture holders landlords petitioning creditors preferential creditors unsecured creditors
	Table of differences table to show the differences between the two types of CVA?
	Administration Order v CVA when would administration be sought rather than take up a new type CVA?
	Case Studies case study 1 case study 2 case study 3

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The main impacts of this new rescue procedure are to:

grant a freezing period where creditor's cannot take enforcement action. This moratorium enables rescue plans to be formulated. The objectives being to give creditor's a different and better option to liquidation and to give the shareholders an opportunity to resuscitate the company.
bind in to the CVA creditors who are inadvertently not notified of the creditors meeting. The objective being that a CVA is not brought down by an unintentional administration failure to notify all creditors of the proposal.
introduce new voting rules - where secured creditors can cast a vote for the full amount they are owed should a resolution be put to adjourn the creditors meeting to a later date.