A voluntary agreement of a company can only be implemented by a receiver who prepares a proposal for creditors. A meeting of creditors is held to verify whether the CVA is accepted. As long as 75% (depending on the value of the debt) of the voting creditors agree, the CVA is accepted. All creditors of the company are then bound by the terms of the proposal, whether they voted or not. Creditors are also not able to take further legal action as long as the conditions are met and existing legal actions such as a liquidation order are dropped.  Voluntary environmental performance is a tempting term. For a variety of reasons, some companies seem to be doing what they would have done in the past only under the threat of the law. As mentioned earlier, one of the reasons for voluntary action could be the fear of stricter regulation. The actions of companies can perhaps be considered an experiment. After many years of active success and limited to defying many environmental requirements, some companies seem to be wondering if there are entrepreneurial opportunities to be green. While some anecdotal evidence suggests that companies have increased their profits through improved environmental performance, other anecdotes suggest that these “win-win” opportunities are limited (Lyon and Maxwell (1999)). The bottom line is that the evidence at this point does not support the idea that polluters will systematically reed their wastewater without government regulations and programs that encourage this behavior.
In 23 countries, the legal framework provided for a revision of prices based on the EPD.