Abstract
This chapter introduces the nature, history, market development, advantages, and disadvantages of company voluntary arrangement (CVA). The CVA gives a mechanism wherein a company and restructure its debts and liabilities with the consent of a majority of its creditors while binding dissenting creditors to continue trading. The process could also restructure the affairs for the benefit of the company's stakeholders as a whole. There is no requirement that a company be insolvent or in financial difficulty to propose a CVA despite the fact that it is a formal insolvency proceeding. The usage of CVAs only increased from 2009 onwards due to the advent of high-street retailers' CVAs compromising landlord creditors and restructure leases portfolios.
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