voluntary arrangement

British  

noun

1. 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

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Example Sentences

See Examples For:

voluntary arrangement

A voluntary arrangement is currently in place which means every High Street should have free access to cash within 1km.

From BBC ● Aug. 17, 2023

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

From BBC ● May 18, 2022

He said he had tried to negotiate a settlement with the Bank of Ireland eight times, including offering to enter into a individual voluntary arrangement but said the bank had "rejected all our proposals".

From The Guardian ● Jun. 13, 2012

Sportswear group JJB plans to close up to 95 stores, six of them owned by Hammerson, as part of a court-approved company voluntary arrangement.

From The Guardian ● Feb. 21, 2011

And even when his insolvency becomes public and default occurs, a debtor may still avert bankruptcy if he is able to effect a voluntary arrangement with his creditors.

From Encyclopaedia Britannica, 11th Edition, Volume 3, Part 1, Slice 2 "Baconthorpe" to "Bankruptcy" by Various