News / Insolvent AV Cargo Airlines set for a new start as creditors agree breathing space

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AV Cargo Airlines, the resurrected Avient, has entered a Company Voluntary Arrangement (CVA), a device used by insolvent companies to pay creditors over a fixed period.

In a meeting in November, creditors, who are owed 96% of the company’s £4m debt, agreed to the CVA, with just two, Kent Airport Ltd (Manston) and the former financial controller of AV Cargo Airlines, who left the company in May, voting against.

A CVA allows a company to continue trading if creditors owed 75% of ...