Lancaster EPrints

Corporate Rescue: Empirical Evicence on Company Voluntary Arrangements and Small Firms.

Pandit, N. R. and Cook, G. A. S. and Milman, David and Chittenden, F. C. (2000) Corporate Rescue: Empirical Evicence on Company Voluntary Arrangements and Small Firms. Journal of Small Business and Enterprise Development, 7 (3). pp. 241-254. ISSN 1462-6004

Full text not available from this repository.

Abstract

This paper focuses on the British company voluntary arrangement (CVA) which is a relatively new debtor rehabilitation process particularly intended to help financially troubled small firms resolve their difficulties. Based on a survey that is the largest and most comprehensive on the subject of British CVAs, this paper has three principal objectives: (i) to outline the characteristics of CVAs; (ii) to examine the relationships between CVA success and context; and (iii) to provide managerial and policy recommendations based on these findings. Among other things, the study finds that the overwhelming majority of CVAs are employed by small firms and that they can be particularly successful as a means of recovery when the economic fundamentals of the business are sound, regardless of the line of activity of the firm. Higher levels of success might be achieved, however, if the fixed costs of CVAs were subsidised in the case of very small firms and if more time were allowed during the process.

Item Type: Article
Journal or Publication Title: Journal of Small Business and Enterprise Development
Uncontrolled Keywords: Business failure ; Insolvency ; Law ; Small- to medium-sized enterprises
Subjects: K Law > K Law (General)
Departments: Faculty of Arts & Social Sciences > Law School
ID Code: 20841
Deposited By: Professor David Milman
Deposited On: 02 Dec 2008 14:15
Refereed?: No
Published?: Published
Last Modified: 28 Feb 2013 12:52
Identification Number:
URI: http://eprints.lancs.ac.uk/id/eprint/20841

Actions (login required)

View Item