The different types of insolvency procedures available for businesses are administration, liquidation, company voluntary arrangement (CVA), and individual voluntary arrangement (IVA). Administration is a process where a company is placed under the control of an insolvency practitioner to restructure and save the business. Liquidation is a process where a company's assets are sold to pay off its debts. CVA is a process where a company agrees to pay its creditors over a period of time. IVA is a process where an individual agrees to pay their debts over a period of time.