voluntary arrangement Meaning in the Cambridge English Dictionary
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Meaning of “voluntary arrangement” in the English Dictionary

"voluntary arrangement" in Business English

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voluntary arrangementnoun [C]

uk   us   FINANCE, LAW
in the UK, an ​agreement between a ​person or ​company that ​owesmoney and is in ​financial difficulty and their creditors. This ​allows them to ​avoid being made ​officiallybankrupt: One way of ​reducingrepayments is to ​enter into a ​voluntaryarrangement with your ​creditors.
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(Definition of voluntary arrangement from the Cambridge Business English Dictionary © Cambridge University Press)
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