Podcast Location:
Download it here [file size: 26.5 MB]
Categories:
Corporate & Commercial Law
Insolvency & Restructuring
CPD Points:
Up to 1 point. details »

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Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Cost:
  • FREE
Length:
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Contributor(s):
Course Aims:

This podcast may be of interest to those who practice in the insolvency sphere. It aims to outline the function and mechanism for of a company voluntary arrangement (CVA) and how it interacts with the rights of third parties and secured creditors - particularly those who have are linked to the company by land. Finally the podcast aims to give an overview of how a CVA might be challenged by creditors affected by its terms.

Outcomes:
After completing the course you will:
  • Understand the purpose of the company voluntary arrangement;
  • Understand the circumstances in which a CVA will be entered into;
  • Understand the reasons why CVA's have proved unpopular with companies since their introduction;
  • Know the procedure for entering into a CVA;
  • Understand the impact on a landlord's right to future rent from a tenant who is in a CVA;
  • Know how a CVA takes effect;
  • Know by what means and what grounds a CVA may be challenged by a creditor;
  • Understand the impact a CVA may have for third parties such as sureties and guarantors.
Level:
Complex Difficulty: 4 of 5
Classification:
Legal Principles
Practical Guide
Procedural
Sources and References:
  • Cork Committee Report 1982;
  • Part I Insolvency Act 1986;
  • Re Newlands (Seaford) Educational Trust [2006] BPIR 1230;
  • S18 Landlord and Tenant Act 1927;
  • Ss4(3)(4), 5(2), 6 Insolvency Act 1986;
  • Re Naeem [1990] 1 WLR 48;
  • March Estates v Gunmark [1996] 2 EGLR 38;
  • Thomas v Ken Thomas Ltd [2007] 1 EGLR 31;
  • Re Atlantic Computer Systems plc [1992] Ch 505;
  • Re ABC Coupler & Engineering Co Ltd (No 3) [1970] 1 WLR 702;
  • Razzaq v Pala [1997] 1 WLR 1336;
  • Raja v Rubin [2002] CH 274;
  • Welsby v Brelec Installations [2001] BCC 421);
  • Stanley v Phillips [2003] EWHC 720 (Ch);
  • RA Securities Ltd v Mercantile Credit Co Ltd [1994] BCC 598;
  • Johnson v Davies [1999] Ch 117;
  • Re Goldspan Ltd 2003 BPIR 93;
  • Finley v Connell Associates [1999] WLR 477;
  • Green King plc v Stanley [2002] BPIR 491;
  • Prudential Assurance Co Ltd v PRG Powerhouse Ltd & Ors;;
  • Luctor Ltd v PRG Powerhouse Ltd & Ors [2007] EWHC 1002 (Ch);
  • Re Lomax Leisure Ltd [2000] Ch 502;
  • Lombard Natwest Factors Ltd v Koutrouzas [2003] BPIR 444.

This podcast looks at the origins of the company voluntary arrangement or 'CVA' and its conceptual trappings as a means to alleviate debtor companies in financial difficulties and as a means to secure a better deal for creditors.

It looks at the statutory framework for setting up a CVA and how, once operating, it interacts with the rights of third parties and secured creditors. The latter part of the podcast focuses on the means by which a CVA can be challenged and the concept of 'unfairness'.

Podcast added: 07/08/09

Podcast last reviewed: 2011-07-25

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