Creditors owed £5.5m by serviced office operator Your Space have agreed to accept 20% of their money back.
Your Space will pay £366,667 into the creditors' voluntary arrangement each year for three years, £1.1m in all.
The listed company, which operated centres in Liverpool and Manchester, said further payments may be payable through a dividend from cash generated during the CVA period.
The biggest creditors are Bank of Ireland and Her Majesty's Revenue and Customs, who both backed the CVA.
Shares in the business were suspended in September at 21p, valuing the business at £5.32m.
Your Space tried in vain to sell part of the business before resorting to the CVA. The company owns four properties, each with a legal charge over it by Bank of Ireland.