Talk to us today in confidence0800 970053907833 240747

Company Voluntary Arrangement and CVA Voting

7 August 2017

Company Voluntary Arrangement and CVA Voting

Example of Voting at an CVA Creditors Meeting

Total PAYE Debt £22,000.00 Total VAT Debt £25,000.00 Total Unsecured Creditors £250,000.00 Employees Claims £33,000.00 Total Debt in CVA Proposal £330,000.00

Present at Creditors Meeting

PAYE £22,000.00
VAT £25,000.00
Unsecured Creditors £121,000.00
Total Votes Cast £168,000.00

In Favour £159,878.00
Reject £8,122.00

Total %age in Favour 95.17%
Toal %age Rejecting 4.83%

Proposal Accepted

YES

Since the recent amendments to the insolvency rules in April 2017 there is no need for a physical creditors meeting as they can be done via email, or virtually using web conferencing.  However a physical meeting can be held if the majority of creditors want one. 

Who can vote at a CVA Meeting?

Before CVA's are given the go-ahead, a CVA has to be agreed by at least 75% of creditors. The only people who are able to vote are the creditors, those who are owed money. Voting can be done by email, internet meetings, collaborations and various other mediums.

Employees often think they have the right to vote, however they are only able to vote if they themselves become a creditor - i.e. if they are owed money by the company, in terms of expenses, unpaid wages or tribunal awards.

Categories: CVA, What is a CVA or Company voluntary arrangement?

"KSA Group which owns this site, will help you fix problems in your business. We won't charge for any initial advice or face to face meetings. We speak in English. We will save you money and your precious time.  You can come to any of our offices

"We also follow up any meeting with a full "solutions report" which runs on average to 30 pages valuable free advice!!  No other practitioner offers this service.  In this report we advise on ALL the options and explain them clearly.  We advise on a course of action given the information you have given us ( the more information we have the better we can advise!)"

You are currently offline. Some pages or content may fail to load.