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Downturns in sales, rising overhead costs and reduced cash flow have all increased the popularity of company voluntary arrangements (CVAs) with directors who believe that their companies are sufficiently profitable to pay their debts providing they are given time to do so. What is a CVA? A CVA is a legally binding agreement between a company and its creditors to pay back as much as they can afford over a given period of time. It enables the business to continue to trade and the contributions can be made through ongoing profits introduced monthly or via a lump sum. Debts will