Arrangement

An agreement between a person with debts, who cannot pay them when they are due, and the creditors. The creditors share the money the debtor manages to pay in proportion to what they are each owed.

He managed to come to an arrangement with his debtors.

Related content

Other useful terms:

Debtor

Someone who owes you money.

Bankrupt

Someone who is unable to pay their debts, and is legally insolvent.

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