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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

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

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

From BBC • May 29, 2022

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

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

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