Arrangement

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Arrangement

1. An agreement between a person or company and creditors whereby the person or company pays a fraction of what he/she/it owes to the creditors and, in exchange, the creditors forgive the remainder of the debt. This helps the creditors recover some of the debt and helps the person or company avoid bankruptcy.

2. See: Treaty.
References in classic literature ?
Clare had first returned from the north, impressed with the system and order of his uncle's kitchen arrangements, he had largely provided his own with an array of cupboards, drawers, and various apparatus, to induce systematic regulation, under the sanguine illusion that it would be of any possible assistance to Dinah in her arrangements.
The kitchen was a large brick-floored apartment, with a great old-fashioned fireplace stretching along one side of it,--an arrangement which St.
To do Dinah justice, she had, at irregular periods, paroxyms of reformation and arrangement, which she called "clarin' up times," when she would begin with great zeal, and turn every drawer and closet wrong side outward, on to the floor or tables, and make the ordinary confusion seven-fold more confounded.
While these arrangements were in progress in the camp of Captain Bonneville, there was a sudden bustle and stir in the camp of Fontenelle.
In order that the whole of the king's household should enter Vaux, four hours at least were necessary, owing to the different arrangements. The king, therefore, who was boiling with impatience, hurried forward as much as possible, in order to reach it before nightfall.
This arrangement of the lower end is necessary on two accounts.
Our arrangement is eminently satisfactory, except in one particular.
In a few days the answer arrived -- privately forwarded, of course, to Post-office, Whitby, by arrangement with my friend in London.
Ferguson, by an ingenious arrangement, combined the advantages of two balloons, without incurring their inconveniences.
This arrangement offered the advantage, that if gas had to be let off, so as to descend, that which was in the outer balloon would go first; and, were it completely emptied, the smaller one would still remain intact.
His own peasants put every hindrance they could in the way of this new arrangement, but it was carried out, and the first year the meadows had yielded a profit almost double.
Earlier this year, however, the Princeton group reported that disorderly arrangements of ellipsoids such as M&M candies, poured into a container, can fill space almost as thoroughly as neatly stacked spheres do (SN: 2/14/04, p.