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Legal Terms - composition
A deal whereby a debtor and his creditors agree to pay off a portion of the debts in exchange for the obligations being discharged. The agreement might need to be registered by the debtor as a *deed of arrangement.
A deal whereby a debtor and his creditors agree to pay off a portion of the debts in exchange for the obligations being discharged. The agreement might need to be registered by the debtor as a *deed of arrangement.
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