Abstract
The Companies and Allied Matters Act 2020 introduced Company Voluntary Arrangements (CVAs) as part of Nigeria’s modern corporate insolvency framework. Designed as a rescue mechanism, the CVA allows a financially distressed company to reach a binding compromise with creditors while continuing in business. This article argues that although the CVA is a bold legislative reform, its practical effectiveness remains limited by procedural uncertainty, the absence of a strong moratorium, and weak institutional support. The result is a rescue device that is progressive in concept but fragile in operation. Also, the article examines the statutory framework under CAMA 2020, the practical implications of the Tourist…