In simple terms this is a contract between a company and its creditors to repay some or all of its debt over a period of time. It is legally binding on all concerned and much stricter than a simple contract with defined consequences if it is not adhered to.
A CVA is a very powerful Business Recovery tool and can literally turn a company from unprofitable to profitable overnight.
Unfortunately most CVA’s are poorly prepared and therefore they obtain a negative reputation, but they are badly misunderstood and very underutilised.