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English definition of “deed of arrangement”

deed of arrangement

noun [C]     (plural deeds of arrangement)
LAW in the UK, a written legal agreement made between a person or organization that owes money and the people or organizations that they owe money to. The agreement states how the debts are to be paid : Entering into a deed of arrangement is a way of avoiding bankruptcy .
(Definition of deed of arrangement noun from the Cambridge Business English Dictionary © Cambridge University Press)
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