The club had been facing huge uncertainty after hitting financial problems late last year and subsequently struggled to find a solution in recent months.
Unable to meet their liabilities, a CVA was proposed just over a fortnight ago and that has now been unanimously backed.
Creditors were offered a deal of 15p in the £1 which was approved by a majority of 100 per cent at a meeting this morning.
A statement from Leeds RUFC board of directors read: “This is a fantastic result and we are humbled by the 100 per cent support of our creditors who voted to back the arrangement and cannot thank them enough.
“We will be building a new Yorkshire Carnegie squad that will be competing in the Greene King IPA Championship for the 2019-20 season.
“Having secured the support of our creditors, the approval of the CVA means that LRUFC Ltd can begin plans on and off the field for next season.
“New arrangements will be agreed with a new playing squad, staff, sponsors and service providers.
“Our owners Yorkshire Tykes Limited remain supportive and their own Shareholders provided the funding for the CVA proposal and agreed to the budget for next season.
“As our club moves forward an additional thanks goes out to our supporters who we value and thank for their patience after a difficult period.
“We are pleased that given the creditor support they will still be able to watch Rugby Union at Emerald Headingley next season.”
Carnegie will start the new campaign in the Championship Cup at Nottingham on the weekend of September 20/21/22 so essentially have three months to build from scratch.
Meanwhile, Richard Beck has been named Wasps academy coach for 2019-20.
The long-serving Carnegie back-row was forced to retire on medical grounds at the age of 29 in January and joined the club’s Academy coaching staff but has now linked up with Premiership outfit Wasps.