Recent criticism of CVAs raises the question: “are they fit for purpose?”

In 2018, we have seen a number of high-profile retail restructurings and common to many is the use of a company voluntary arrangement (CVA). After much press comment, which tended to focus on the plight of landlords, R3, the association of business recovery professionals, produced a report in May 2018 entitled, ‘Company Voluntary Arrangements: Evaluating Successes and Failures’, which comments on the use of CVAs as effective restructuring procedures.

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