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 company has to "disclose" that a moratorium is in existence. This disclosure is comprehensive and includes:

the proposal and the nominee's report must be filed with the court (before the moratorium can begin).
advertisement in the London Gazette.
one advertisement in a local newspaper.
notification to the Registrar of Companies.
notification to anybody who has issued a winding up petition or to anybody who has instructed bailiffs.
advertising in the London Gazette, again, when the moratorium comes to an end.
advertising in a local newspaper, again, when the moratorium comes to an end.
notifying the Registrar of Companies when the moratorium comes to an end.
in the moratorium period every invoice, letterhead, order etc must record that a moratorium is in existence.
credit for more than £250 in the moratorium period cannot be taken without disclosure taking place.
the proposal and nominees report is circulated to all company creditors.

All these disclosure requirements have the effect of ensuring that the existence of the moratorium becomes known to the business community in which the company operates.