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voluntary arrangement

British

noun

law a procedure enabling an insolvent company to come to an arrangement with its creditors and resolve its financial problems, often in compliance with a court order

"Collins English Dictionary — Complete & Unabridged" 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

Example Sentences

Examples are provided to illustrate real-world usage of words in context. Any opinions expressed do not reflect the views of Dictionary.com.

The general secretary of Prospect, Mike Clancy, said the current voluntary arrangement is not sufficient.

From BBC • May 18, 2022

It hired auditors to prepare for the company voluntary arrangement earlier in 2020.

From BBC • Nov. 29, 2020

But they began the season deducted 15 points, at the bottom of League One, for failing to agree a company voluntary arrangement with creditors.

From The Guardian • Jul. 18, 2020

Effectively relegated to the Championship following Saturday's home defeat against Sunderland, the east Yorkshire club are £35m in debt and face the grim probability of entering either administration or a creditors' voluntary arrangement.

From The Guardian • Apr. 26, 2010

The labour contribution of superintendents or directors shall, according to a voluntary arrangement with every individual concerned, be reckoned us equal to a certain number of hours of work per day.

From Freeland A Social Anticipation by Hertzka, Theodor

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023