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The IS, in conjunction with the Centre for the Study of Financial Innovation (CSFI), sponsored a study into UK management attitudes to CVAs. One conclusion it reached was that there are insufficient statistics to be able to determine much more than the number of companies that have implemented the process.
Only one survey among IPs has been undertaken and that was in 2000. The lack of statistics makes it impossible to gauge the effects that CVAs have on company rescues in general.
The CSFI study also came to the conclusion that for the CVA process to be more effective it needs to be publicised more widely, company managers need to be made more aware of their options for recovery and better independent advice needs to be made available.
Following the publication of the report, the IS held a seminar to discuss the findings. It became clear from the insolvency profession that the CVA process is now more often used as an exit from the administration process. The University of Nottingham is carrying out some research into administrations and administrative receiverships and CVAs for the IS and it is hoped that the statistics will enable decisions to made on the effectiveness of the process.