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

From BBC Nov. 29, 2020

A brace of other businesses have sought to ease their financial pressures through a company voluntary arrangement, another form of insolvency.

From BBC Apr. 23, 2018

Ted Richardson, the long-serving chairman, entered an individual voluntary arrangement in July and is awaiting the ruling of a Rugby Football League tribunal which could force him to step down from the board.

From The Guardian Sep. 22, 2010

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 Hertzka, Theodor

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