3. Contracting parties may, by mutual agreement, set up electronic systems for issuing, transmitting and receiving FLEGT authorizations. Directors have a legal obligation to act properly and responsibly and to put the interests of their creditors first. Risks associated with winding up a business may include disqualification from the activity of director of other companies, as well as personal reputation as a director. In extreme cases, directors may be personally considered to be subject to assessment for erroneous payments to creditors. However, since a voluntary agreement of the company is in the interest of creditors, there is no investigation into the director`s conduct. If there is disagreement or persistent difficulties in consultations on FLEGT authorizations, the matter may be referred to the Joint Enforcement Committee. Under UK insolvency law, an insolvent company can enter into a voluntary agreement (CVA). The CVA is a form of composition similar to the personal IVA (individual voluntary agreement) in which an insolvency procedure allows a company with debt problems or insolvent to enter into a voluntary agreement with its creditors on the repayment of all or part of its corporate debt over an agreed period. [Citation required] The application for a CVA may be submitted with the consent of all company executives, the company`s legal directors or the designated liquidator.  To place a company in a voluntary agreement (CVA) of a company, there is a specific process that must be followed to assess the profitability of the agreement and initiate this process of turnaround of the business. CONSIDERING the importance that the parties attach to the principles and rules of multilateral trading systems, in particular the rights and obligations defined in the 1994 General Agreement on Tariffs and Trade (GATT) and other multilateral agreements establishing the World Trade Organization (WTO), and that they must be applied in a transparent and non-discriminatory manner; Documentation of raw materials, processes, production and, if necessary, exports, when the export is carried out through the division/another company with which a cooperation agreement is concluded. A voluntary agreement of the company can only be implemented by a judicial administrator who develops a proposal for creditors.
A creditors` meeting is held to verify whether the CVA is accepted.