| 单词 |
voluntary arrangement |
| 释义 |
voluntary arrangement
voluntary arrangement n (Banking & Finance) 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 Voluntary Arrangement
Voluntary ArrangementAn agreement between a debtor and one or more creditors whereby the debtor repays according to a certain schedule arranged between all parties. A voluntary arrangement benefits creditors because it ensures that they are repaid. However, it also benefits the debtor because it keeps him/her out of bankruptcy. |
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