Judicial Variation of CVA

Corporate Rescue and Insolvency, Vol. 1, p. 156, 2008

9 Pages Posted: 9 Nov 2008

Date Written: November 7, 2008

Abstract

A company voluntary arrangement ('CVA') under Part I of the Insolvency Act 1986 ('IA') is a statutory contract into which terms may be implied on ordinary contractual principles. Although some cases proclaim that the court has no power to vary the terms of a CVA or authorise a breach of the CVA terms, they have overlooked Re TBL Realisations which suggests the opposite. Re Beloit Walmsley [2008] EWHC 1888 (Ch) has recently injected more disorder and sets a dangerous precedent for using CVAs to prefer a particular class of creditors.

Keywords: company voluntary arrangement, corporate insolvency, CVA

JEL Classification: K10, K11, K12, K19, K20, K29, K30, K39, K40, K49

Suggested Citation

Ho, Look Chan, Judicial Variation of CVA (November 7, 2008). Corporate Rescue and Insolvency, Vol. 1, p. 156, 2008, Available at SSRN: https://ssrn.com/abstract=1297531

Look Chan Ho (Contact Author)

Des Voeux Chambers ( email )

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