A Company Voluntary Arrangement (CVA) is a procedure which enables an insolvent company to reach an agreement with its creditors to delay or compromise the payment of its debts. Watch this video from Moorfields Corporate Recovery (moorfieldscr.com/).
A CVA is highly flexible, and can be adapted to meet the needs of any business. In essence, a CVA will replace the terms of the company's existing contracts with its creditors (e.g. to pay an invoice within 30 days) with new terms as set out in the CVA proposal.