Company Voluntary Arrangements

This is the most comprehensive book focusing on the law and practice of Company Voluntary Arrangements (CVAs), bringing together analysis of the recent case law and legislation in one volume.

CVAs originated in the 1980s as a simple restructuring tool for small businesses, but are now used in a wide variety of contexts, including by companies with real estate leasehold liabilities. Many high profile businesses have sought to take advantage of the flexibility of the procedure, and this has increased in light of the difficulties caused by the Covid 19 pandemic. The book considers recent judgments such as Debenhams, New Look, and Regis, drawing out the legal principles that have been applied. Practical aspects relating to CVAs are considered in the context of the law including consideration of the relative benefits and disadvantages of a CVA, as compared with the new restructuring plan procedure under Part 26A of the Companies Act 2006.

Written by leading restructuring lawyers in the UK (in consultation with insolvency practitioners and accountants), UK property counsel and international counsel from Ireland, the USA and Canada.

This work is an essential resource for all insolvency and restructuring professionals, private equity investors, special situations investment and real estate funds, property agents and advisers, management teams and academics.

Elaine Nolan, Restructuring Partner, Kirkland & Ellis International LLP,Tom Smith QC, Barrister, South Square

Elaine Nolan is a restructuring partner in the London office of Kirkland & Ellis International LLP. Elaine has led many market leading CVAs, and advises strategic investors, sponsors, insolvency practitioners, turnaround managers, directors, debtors and creditors in all forms of national and
international financial restructurings and insolvencies.

Tom Smith QC specialises in commercial litigation and arbitration, banking and finance, corporate insolvency and restructuring and company law including investment funds (hedge funds and private equity). He also practices extensively in the fields of civil fraud and asset recovery, professional
negligence and trusts.

1. Market Development, Kate Stephenson and Zoe Stembridge
2. CVAs in Wider Restructurings, James Watson and Hannah Crawford
3. Landlord CVAs, Kon Asimacopoulos, Adam Watterson, Richard Fleming, Clare Kennedy, Dan Butters, and Will Wright
4. CVAs in Practice, Partha Kar, Ann-Kathrin Ziegler, Sean Lacey, Thomas Jemmett, and Karim Kassam
5. The CVA Process from Preparation to Decision, Gabe Hartley
6. Jurisdiction, Effect of Approval, and Implementation, Henry Phillips, Madeleine Jones, and Daniel Judd
7. CVAs in the Cross Border Context, Elaine Nolan, Kate Stephenson, and Patrick F. O'Reilly SC
8. Challenges to CVAs, Tom Smith QC and Daniel Judd
9. Property Law Issues, John McGhee QC and James Ballance
10. Future Deployment and Comparison to the Restructuring Plan, Ian Clarke, Patrick Mackenzie, and Kai Zeng