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

"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

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

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

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

Some were for abolition of the seigneurs' rights: some were for voluntary arrangement with the aid of law.

From The Winning of Popular Government A Chronicle of the Union of 1841 by MacMechan, Archibald