Company Voluntary Arrangement (CVA)/ Partnership Voluntary Arrangement (PVA) With the aim of allowing the company to continue trading, the CVA/PVA is a proposal to the creditors to accept a reduced payment in full and final settlement of their debt, either by way of a lump sum payment or reduced rate instalments. The procedure is very flexible and is tailored to the individual needs of the company or partnership. Creditors are called to a meeting and asked to vote to accept the proposal. Provided that 75% in value of those who attend and vote agree, the arrangement is binding on all. Administration Administration is a short term (maximum 1 year) recovery solution, which puts the appointed administrator in absolute control of the company or partnership, its business and its assets. The administrator can be appointed by, the court, a creditor, the directors or the partners. The aim of administration is the survival of the company or better realisations than liquidation. The administrator reports to the creditors explaining what practical steps will be taken to make the business viable, and obtain the best return for creditors on the outstanding debts.