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Legal Terms - deed of arrangement
When no *bankruptcy decree has been issued, a written agreement between a debtor and his creditors organizing the debtor's affairs either for the advantage of the creditors generally or, in the event that the debtor is
For the benefit of a minimum of three creditors, it is bankrupt. According to legal requirements, a deed of arrangement needs to be registered with the Insolvency Service within seven days. It can be in the form of a *composition, an agreement to wind up the debtor's business in a way that pays his debts, or an assignment of the debtor's property to a trustee for the benefit of his creditors. Usually, the debtor consents to such a plan in order to stay out of bankruptcy. After a bankruptcy order is made, a similar arrangement may be reached, albeit this is subject to different regulations.
When no *bankruptcy decree has been issued, a written agreement between a debtor and his creditors organizing the debtor's affairs either for the advantage of the creditors generally or, in the event that the debtor is
For the benefit of a minimum of three creditors, it is bankrupt. According to legal requirements, a deed of arrangement needs to be registered with the Insolvency Service within seven days. It can be in the form of a *composition, an agreement to wind up the debtor's business in a way that pays his debts, or an assignment of the debtor's property to a trustee for the benefit of his creditors. Usually, the debtor consents to such a plan in order to stay out of bankruptcy. After a bankruptcy order is made, a similar arrangement may be reached, albeit this is subject to different regulations.
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