Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Voluntary arrangement definition

What does Voluntary arrangement mean? In practice, a voluntary arrangement is a negotiated, legally binding compromise of debts that lets a debtor pay in full or in part over time while avoiding bankruptcy or liquidation. The term is descriptive: in England & Wales and Northern Ireland it most commonly refers to a company Voluntary Arrangement (CVA) for companies and an Individual Voluntary Arrangement (IVA) for individuals, both statutory procedures under the Insolvency Act 1986 (and the Insolvency (Northern Ireland) Order 1989). In Scotland, CVAs are available, but individuals use protected trust deeds or the Debt Arrangement Scheme rather than IVAs. In Ireland, “voluntary arrangement”...

Partnership Voluntary Arrangements (PVAs) for Insolvent General Partnerships: Legislation, Moratorium, Proposal and Approval, Challenges, FCA Guidance and Supervision

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Practice notes

Alongside the more familiar company voluntary arrangements (CVAs) and individual voluntary arrangements (IVAs), Insolvency law allows insolvent general partnerships to propose compromise terms to their creditors. Such arrangements are called partnership voluntary arrangements (PVAs). When considering any proposal of this kind, partners should remember that they remain fully and personally responsible for all partnership liabilities. Accordingly, in the vast majority of cases it is prudent for each partner to put forward an IVA as well, in order to ensure their own position is comprehensively safeguarded.

Applicable legislation

Part II of the Insolvent Partnership Order 1994 (SI 1994/2421) (IPO 1994), as modified by the Insolvent Partnership (Amendment) (No 2) Order 2002 (SI 2002/2708), applies the CVA regime in Part I of the Insolvency Act 1986 (IA 1986) to insolvent partnerships via a PVA (IA 1986, s 420). The IPO 1994, SI 1994/2421, also extended the then IA 1986, Sch A1 to partnerships, with adjustments, so that the moratorium procedure could be used. IA 1986, Sch A1, together with IA 1986, s 1A, was later repealed by paragraphs 2 and 30 of Schedule 3 to the Corporate Insolvency and Governance Act 2020 (CIGA) 2020...

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Phillip Patterson

Gatehouse Chambers

Phillip has a wide-ranging commercial and insolvency practice with experience of high-value and complex disputes. He has particular expertise in technical company law issues, which makes him a popular choice for claims involving allegations of mismanagement and breach of duty as well as shareholder disputes. Phillip handles a wide variety of banking and financial services disputes where his postgraduate qualification in banking law gives him a decided edge. A significant proportion of Phillip's current and recent work concerns corporate and personal insolvency, a field in which Phillip is fast becoming a go-to junior for a range of matters.Phillip also has experience of consumer contract issues, professional negligence claims and a variety of private client disputes.Phillip regularly contributes to a number of academic and professional publications, providing topical insights into matters across his areas of practice. He is also current an editor of the volume of...

Web page updated on 21/05/2026

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