ABSTRACT
The argument in the alternative is that the small creditors' voluntary arrangement (CVA) provisions as introduced by the Insolvency Act 2000 and now represented in Schedule A1 of the Insolvency Act 1986 could be extended to large companies so as to allow large company restructuring with the benefit of a moratorium. The chapter focuses on the Conservative Party's call for the adoption of automatic stays into English law. It argues that instead of adopting a new form of business restructuring tool as advocated by the Conservative Party, which is largely reminiscent of the Irish Examinership model, people should instead extend the small CVA provisions to larger companies. This reduces associated reform costs as well as benefiting from a reduction in associated Administration Order costs. The EA 2002 reforms were intended to rejuvenate the rescue ethos by placing a hierarchical order of primacy on the purposes of administration.
