voluntary arrangement

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

Example Sentences

Under the chargeback scheme, a voluntary arrangement to which Visa, Mastercard and Amex are members, consumers who have paid by card can ask the provider to refund them within 120 days of making a payment for failed services, faulty goods or fraud by a merchant.

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

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

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She was passed on to another company, which signed her up to an Individual Voluntary Arrangement - a court-approved debt solution in which debts are combined into a single monthly payment.

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"The resettlement team ensured everyone understood this was a voluntary arrangement and that rooms were available should they decide to stay."

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