Interesting if factually incorrect article !
It is called a company voluntary arrangement, not "creditors voluntary agreement". It is NOT approved by court, it is approved by creditors.
I admire Richard and his team for sticking it out and getting through the company voluntary arrangement early.
It seems he had little support from the financial sector, them blaming the company for being in CVA is pretty rich when much of the financial sector was in the throes of boom and a spectacular bust.
I am supportive of the HMG's plans to increase the number of CVAs by providing the ability for "super secured lending" into CVA companies. Hopefully, the current consultation period will lead to this being introduced, (parliamentary time permitting).
This will allow new lending to be put ahead of the bank and other debts. Thereby helping the new lender to secure its lending.
There are tremendous opportunities in the UK for small banks and finance houses to provide financial products to people like Richard. CVA's are the best insolvency tool in the world in my view.
What it needs is for HMG, the insolvency profession, banks and professional advisors to recognise that a company proposing a CVA is determined to get money back to its creditors. Morally and financially they MUST support the hard working directors who do this (and don't simply run away from the debt). When pre-pack administrations, liquidations and receiverships are rising fast, I say hats off to Richard and his baord of directors who (like many of our clients) are driven to pay back creditors.