debt agreement
noun[C]
ukusFINANCE
alegalagreementbetween adebtor(=person,company, etc. thatowesmoney)andtheircreditors, whichincludesa newplanforpayingback thedebt:
InAustraliaa Part IXdebtagreementis alegallybindingagreementbetween adebtorandtheircreditors, and is only to be used where thedebtorisinsolvent.