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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

"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

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Factory Transmedia Ltd, based in Altrincham, Greater Manchester, has been put into a creditors' voluntary arrangement.

From BBC Apr. 12, 2024

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

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

It happened less than a week before the club's administrator heads to the high court today to defend his company voluntary arrangement for creditors against the taxman's challenge.

From The Guardian Aug. 2, 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 Theodor Hertzka

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