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English definition of “voluntary arrangement”

voluntary arrangement

noun [C]     FINANCE, LAW
in the UK, an agreement between a person or company that owes money and is in financial difficulty and their creditors. This allows them to avoid being made officially bankrupt: One way of reducing repayments is to enter into a voluntary arrangement with your creditors. → See also IVA
(Definition of voluntary arrangement noun from the Cambridge Business English Dictionary © Cambridge University Press)
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