voluntary arrangement
noun[C]
FINANCE,LAWukusin the UK, anagreementbetween apersonorcompanythatowesmoneyand is infinancialdifficultyandtheircreditors. Thisallowsthem toavoidbeing madeofficiallybankrupt:
One way ofreducingrepaymentsis toenterinto avoluntaryarrangementwithyourcreditors.
See also
IVA