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

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.

From BBC

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

From BBC

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

From BBC

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.

From BBC

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

From BBC