- creditors' voluntary arrangement
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Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
creditors' voluntary arrangement
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voluntary arrangement — UK US 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… … Financial and business terms
Individual Voluntary Arrangement — In the UK, Individual Voluntary Arrangements (IVAs) are a formal alternative for individuals wishing to avoid bankruptcy. The IVA was established by the Insolvency Act 1986 and constitutes a formal repayment proposal presented to a debtor s… … Wikipedia
company voluntary arrangement — Under Part I of the Insolvency Act 1986, a company can obtain breathing space against its creditors through a moratorium during which it can seek to recover its solvency or at least reach a compromise arrangement whereby the creditors agree with… … Law dictionary
individual voluntary arrangement — See individual voluntary arrangement (IVA). An arrangement that allows a settlement between the insolvent individual and its creditors on agreed terms and, as a result, avoids the bankruptcy of the individual. A nominee supervises an IVA. The… … Law dictionary
voluntary arrangement — A procedure provided for by the Insolvency Act (1986), in which a company may come to an arrangement with its creditors to pay off its debts and to manage its affairs so that it resolves its financial difficulties. This arrangement may be… … Accounting dictionary
voluntary arrangement — A procedure provided for by the Insolvency Act (1986), in which a company may come to an arrangement with its creditors to pay off its debts and to manage its affairs so that it resolves its financial difficulties. This arrangement may be… … Big dictionary of business and management
Fast Track Voluntary Arrangement — A Fast Track Voluntary Arrangement (FTVA), in the United Kingdom, is a binding agreement with a debtors creditors to pay all or part of the money owed to them. A debtor can only enter into it after they have been made bankrupt. In an FTVA the… … Wikipedia
individual voluntary arrangement — noun A formal alternative to bankruptcy involving a flexible contract with creditors … Wiktionary
arrangement — 1) A method of enabling a debtor to enter into an agreement with any creditors (either privately or through the courts) to discharge his or her debts by partial payment, as an alternative to bankruptcy. This is generally achieved by a scheme of… … Big dictionary of business and management
Composition with creditors — A Composition with Creditors is an agreement among several creditors of a debtor, usually a business. Usually, the agreement involves paying a lessened amount over a period of time. See also Company Voluntary Arrangement Individual Voluntary… … Wikipedia
