composition with creditors

composition with creditors
An agreement between an insolvent or embarrassed debtor and two or more of his creditors whereby the creditors, for some consideration, such as an immediate payment, agree to the discharge of their respective claims on the receipt of payment which is in a lesser amount than that actually owing on the claim. 15 Am J2d Comp Cred § 1. An agreement by a debtor made with his creditors which fixes a basis or plan whereby the debts may be paid, he being favored by a reduction of the claims, and extension of time for payment, or both; proceedings in the bankruptcy court for debt readjustment. 9 Am J2d Bankr §§ 1279 et seq.

Ballentine's law dictionary. . 1998.

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  • composition agreement — See composition with creditors …   Ballentine's law dictionary

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