company voluntary arrangements have become viable options to working out company business insolvency. Companies may be faced with financial problems as a result of many factors including improper management and disaster. Some challenges leave the company with few options including closing the business. company voluntary arrangement is a plan that can allow one to reorganize the business because it can provide more time to repay the debt hence minimizing threats for legal actions. In fact, CVA can be regarded as a legal way for the business which is weighed down by the need to meet heavy financial obligations to survive, when it would have closed down. An insolvency practitioner is sought for advice to develop a plan to repay the creditors money in a given time period. But the company must be aware of the possible limitations to the recovery plan, including the need to have sufficient capital to run daily operations and pay daily expenses, having the creditors to support the recovery plan, among others. The directors will have to be hard working enough to restore the company to secure position.