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English definition of “scheme of arrangement”

scheme of arrangement

noun [C]     (also scheme of reconstruction) LAW, FINANCE
an agreement between a company and its shareholders or creditors for it to change its financial structure, for example when it is being bought by another company: A shareholder meeting to vote on a scheme of arrangement to conclude the takeover was likely to be held in November.
(Definition of scheme of arrangement noun from the Cambridge Business English Dictionary © Cambridge University Press)
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