Application for insolvency allows the company to continue existing while paying creditors the entire amount due to them, or part of it. The Company voluntary arrangement is the name given to the procedure through which the company will get to pay the amount required (either whole or in part) to creditors. This procedure is recognized by the constitution and allows the creditors to be paid within a given period of time. Company voluntary arrangements have an advantage both to the company facing the financial challenge, as well as the creditors. All the creditors are assured of the repayment of the money, something that may not be practical at liquidation, while the owners may survive closing the business and loosing the chance to make more money. A CVA must be agreed upon by the creditors. This possibility exists when the meeting between the parties involved takes place. A nominee (an insolvency practitioner) will have to report to court if a meeting between the shareholders and creditors should be held.