Company voluntary arrangements (CVAs) have found themselves in the limelight again. In December Toys R Us effected a restructuring after creditors agreed to its CVA proposal, in which it plans to close at least 26 of its stores in the UK and has restructured its pension fund debt.

Before that, Dreamland, Margate's historic pleasure park, succeeded in exiting administration in November 2017 through the use of a CVA. Here, the company is reported to have agreed with its creditors that they would accept a reduction in payment of outstanding debts in order for the company to exit insolvency and continue trading.