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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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"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

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

From BBC Nov. 29, 2020

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

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 Archibald MacMechan

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