voluntary arrangement

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

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

Individual Voluntary Arrangement: Under an IVA, an insolvency practitioner will help you strike a deal with your creditors, which allows you to pay off your debts over a fixed period - say five years.

From BBC

Individual Voluntary Arrangement: Under an IVA, an insolvency practitioner will help you strike a deal with your creditors, which allows you to pay off your debts over a fixed period - say five years.

From BBC

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

From BBC