The Body Shop administrators have reportedly issued a major update on the future of the company. Administrators at FRP Advisory are said to have laid out proposals to launch a company voluntary arrangement (CVA). A CVA is an agreement between a business and its creditors, which allows debts to be paid off over a fixed period of time. But the creditors would need to approve the CVA first. If its creditors agree, the CVA would also see The Body Shop enter talks with landlords about rent cuts, according to Sky News . It claims that proposals sent to The Body Shop creditors on Friday morning argue that a CVA would "allow the company to be rescued and exit from administration" and would not result in further store closures. However, Sky News reports that if a CVA cannot be agreed, the administrators “will proceed with a sale of the business and assets”. The Body Shop collapsed into administration in February this year and has gone on to close 82 of its 198 stores. Its website continues to trade as normal. The Body Shop has stores in more than 70 countries. New state pension top-up service delayed - after phone lines jammed ahead of deadline 'Last chance' for savers to get free £1,000 to put toward first home When a business collapses into administration, it doesn't necessarily mean it will disappear forever. The role of the administrator is to try and save as much of the business as possible, normally by selling assets or restructuring it, to cut down costs and reduce debts. If a company in administration can't be saved, then it is normally liquidated. This is when the business is fully closed down for good. After being appointed as administrators, FRP said: “The joint administrators will now consider all options to find a way forward for the business and will update creditors and employees in due course.” The Body Shop was acquired in November by private equity firm Aurelius in a deal it said was valued at £207million. Dunelm's £199 egg chair is back in stock and it's perfect for the warm weather