Company Voluntary Arrangements

Department for Business, Innovation and Skills written question – answered on 26th February 2016.

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Photo of Alan Johnson Alan Johnson Labour, Kingston upon Hull West and Hessle

To ask the Secretary of State for Business, Innovation and Skills, how many company voluntary arrangements (CVAs) have been made in the last two years; how many such arrangements have been renegotiated due to a change in circumstances; and for what reasons those CVAs have been unsuccessful.

Photo of Anna Soubry Anna Soubry The Minister of State, Department for Business, Innovation and Skills

The number of company voluntary arrangements for the calendar years 2014 and 2015 is shown in the table below.

Total Number of Company Voluntary Arrangements in the UK, 2014 – 2015

Company Voluntary Arrangements

Year

England & Wales

Scotland

Northern Ireland

Total

2014

552

14

37

603

2015 (e)

357

4

35

396

Total

909

18

72

999

Source:

Insolvency Statistics: October to December 2015

Notes:

(e) = estimated

The Insolvency Service analysed individual records filed at Companies House, in respect of a sample of 53 CVA proceedings which commenced in 2012/13. This analysis showed that, by summer 2015, around 60 per cent had been unsuccessful under the original terms of the arrangement (including those that were renegotiated). No information was collected on the reasons behind the CVA being unsuccessful.

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