A small tradesman that is owed money to a company that has an accepted Company Voluntary Arrangement in place may feel that a Company Voluntary Arrangement is not justified and is immoral. That is just one persons point of view.
A large supplier that is a creditor in the Company Voluntary Arrangement would not feel the same way. If the company had chosen to enter into voluntary liquidation then that supplier, in all probability, would have received no or very little repayment.
When HMRC get caught up in a Company Voluntary Arrangement, as they often are, they nearly always vote for acceptance. There has to be a good reason for rejection, although they are not obliged to reveal what those objections may be.
A Company Voluntary Arrangement is morally acceptable as creditors have the final say and by their acceptance of a proposal they are agreeing to the moral principles of the final deal. After all, they could always say no if their principles stood in the way of accepting repayment.