A Snapshot of Company Voluntary Arrangements: Success, Failure and Proposals for Reform

Peter Walton*, Christopher Umfreville, Lezelle Jacobs

*Corresponding author for this work

Research output: Contribution to journalConference articlepeer-review


Company Voluntary Arrangements (CVAs) are designed to be used in the UK to rescue a company as a going concern. They are under used in practice and have a reputation for high failure rates. This article, based upon a longer report funded by the UK insolvency profession, considers the nature of success or failure of CVAs. It considers empirical evidence to identify the weak points of CVAs in practice. It looks at quantitative data as well as taking into account views of practitioners and other stakeholders. Key elements of the CVA procedure are considered in light of recent national reform proposals and approaches and reforms internationally. Domestic reforms in the Netherlands and South Africa are considered to determine whether any lessons might be learnt from other jurisdictions. Recommendations are made including changes to the suggested amendments to the legal framework and to professional practice guidance.
Original languageEnglish
Pages (from-to)267-284
Number of pages18
JournalInternational Insolvency Review
Issue number2
Early online date24 Jun 2020
Publication statusPublished - 16 Jul 2020

Bibliographical note

© 2020 The Authors. International Insolvency Review published by INSOL International and John Wiley & Sons Ltd

This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.


  • Corporate Insolvency
  • CVA
  • Company Voluntary Arrangement
  • Corporate Rescue


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