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

___

The supervisors duties under a new type CVA are exactly the same as under an old type CVA.

In overview it is the supervisors duty to enforce the "contract" made between the company and it's creditors.

The contract consists of two documents:

the first is the proposal document itself which sets out the main matters
the second document is the chairman's report of the creditor's meeting at which the proposal document was considered. In most cases the creditors will resolve to change the proposal by making "modifications". These modifications are set out in the chairmans report.

The message is this - if you are a creditor and wish to put some more discipline into the proposed arrangement you should do so, by acting with other creditors. to put "modification resolutions" to the creditors meeting.