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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Case Study 3

This case study is being written in February 2003. Since the new type CVA was only introduced into law on the 1st January 2003 Purnells, as yet, do not have any practical experience of operating such a CVA.

The numerous pages on this site, however, reveal the depth of study undertaken by Purnells in relation to this very valuable restructuring vehicle.

An example of the circumstances in which a new type CVA would be appropriate are as follows.

If your company today had received a winding up petition no doubt you would be very concerned that it might mean the end of your business.

By approaching Purnells, we can:

prepare a CVA proposal within days
and file the necessary papers with the court to stop the winding up hearing taking place.

If you wish to safeguard the future of your business contact Purnells on 01633 214712.