scheme of arrangement
Definition
Voluntary agreement between a solvent debtor and consenting creditors under which the debtor's assets and/or income are applied proportionately in satisfaction of the debts. This arrangement is normally governed by the ordinary law of contract, and is meant to serve as a more advantageous alternative to the debtor's bankruptcy. See also deed of arrangement.
Popular 'Banking, Commerce & Finance' Terms
scheme of arrangement in the news
Loading...
This content can be found on the following page:
http://www.businessdictionary.com/definition/scheme-of-arrangement.html
