Company Voluntary Arrangements (CVAs) are designed to be used in the UK to rescue a company as a going concern. They are under used in practice and have a reputation for high failure rates. This article, based upon a longer report funded by the UK insolvency profession, considers the nature of success or failure of CVAs. It considers empirical evidence to identify the weak points of CVAs in practice. It looks at quantitative data as well as taking into account views of practitioners and other stakeholders. Key elements of the CVA procedure are considered in light of recent national reform proposals and approaches and reforms internationally. Domestic reforms in the Netherlands and South Africa are considered to determine whether any lessons might be learnt from other jurisdictions. Recommendations are made including changes to the suggested amendments to the legal framework and to professional practice guidance.

中文翻译：

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公司自愿安排概览：成功、失败和改革建议

公司自愿安排 (CVA) 旨在在英国用于拯救一家持续经营的公司。它们在实践中使用不足，并以高失败率而闻名。本文基于由英国破产专业资助的一篇较长的报告，考虑了 CVA 成功或失败的性质。它考虑了经验证据来确定 CVA 在实践中的弱点。它着眼于定量数据并考虑从业者和其他利益相关者的观点。CVA 程序的关键要素是根据最近的国家改革建议和方法以及国际改革来考虑的。考虑荷兰和南非的国内改革以确定是否可以从其他司法管辖区吸取任何经验教训。