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c. England and WalesThe office holder in a liquidation or administration has broad-ranging statutorypowers enabling him or her to administer the affairs of the company. However,neither a liquidator nor an administrator is appointed in a Company VolunteerArrangement (“CVA”). In a CVA, the company formulates a proposal to creditors,seeking their consent to a restructuring or discounting of their debt. The companywill try to persuade creditors that such a restructuring would result in a betteroutcome for them than a liquidation fire-sale. The company’s proposal, if acceptedby the creditors holding 75% of unconnected unsecured creditors in value, binds allunsecured creditors. The company then carries on its business, acting through itsdirectors. The insolvency practitioner (called a Supervisor) only ensures that thecompany meets its re-scheduled obligations under the proposal. The Supervisor hasthe power to liquidate the company if it breaches the terms of the proposal.Importantly, the Supervisor does not run the company.11. The Insolvency Plana. GermanyThe goal of the insolvency plan proceedings 46 is to preserve the business of theinsolvent company as a going concern. An insolvency plan provides the companywith the freedom and flexibility to provide the best result for the company and itscreditors. It also allows the insolvent company to continue as a restructurd business.An insolvency plan proceeding may be initiated if the company’s business can berestructured. An insolvency plan can be prepared before, and submitted togetherwith, the insolvency petition. In the alternative, it can be developed by the company46 Insolvenzordnung [InsO] [Insolvency Statute], Oct. 5, 1994 [Bundesgesetzblatt] (BGBl.] 2866, aslast amended by Art. 6 G of the Act of August 31, 2013 [BGBl.], 3533, §§ 217 ff.32