Lawyers wants CVAs to be used more widely, according to a PwC poll.
Of 70 respondents, 85% believe CVAs have become more popular over the last
two years. More than half who have been involved in arranging them want them to
be used more often.
Mike Jervis, business recovery services partner, PwC, said: “These
alternative restructuring processes have become more widely accepted by a more
pragmatic creditor base given the increased financial pressure on companies and
the desire to avoid using administration.
“These arrangements are predicated on gaining more widespread consensus
amongst creditor classes but we believe that their use will increase. In periods
of uncertainty they have the attraction of allowing a wider group of
stakeholders, including shareholders, to keep their options more fully open.”
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The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK