A transfer of contract means a new party takes on the vehicle agreement and all future monthly payments (everything else stays the same). It’s not always possible to complete a novation through insolvency because it depends on the insolvency procedure being followed. Please note that we can’t accept novation requests for liquidations or for companies that have been dissolved.
All vehicle contracts must have at least 6 months of term remaining. If there is more than 6 months remaining, and the insolvency procedure may be eligible for novation, a Business Director (as listed on Companies House) should contact your Arval representative. If there are less than 6 months remaining and/or the insolvency procedure is not eligible for novation, the vehicle(s) will need to be collected and returned to Arval. Your Insolvency Practitioner will need to email collections@arval.co.uk to inform us of the novation request at the point of insolvency notification.
Once we have the relevant information, we’ll complete appropriate checks, send over paperwork for the new and existing agreement holders to complete, and ensure any outstanding account balances are settled before we complete the transfer.