Tuesday, November 3, 2020
Executive Summary
R3 Association of Business Recovery Professionals (R3), a trade association for the United Kingdoms insolvency and restructuring industry, has launched a standard form proposal (Standard Form) for company voluntary arrangements (CVAs). A CVA is a contractual arrangement between a financially distressed company and its creditors. The Standard Form has been drafted in consultation with insolvency professionals and is being made available to the public at no cost. This comes in light of the COVID-19 pandemic (COVID-19) and the subsequent negative economic implications on businesses, especially small and medium-sized enterprises (SMEs).
Background
Larger businesses, including retailers such as New…
Read the full article at: https://www.natlawreview.com/article/covid-19-uk-insolvency-reform-standardising-company-voluntary-arrangement-proposals