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.
Anderson, W.S..
1998.
Look at other dictionaries:
composition with creditors — A contract made by an insolvent or financially pressed debtor with two or more creditors in which the creditors agree to accept one specific partial payment of the total amount of their claims, which is to be divided pro rata among them in full… … Law dictionary
Composition with creditors — A Composition with Creditors is an agreement among several creditors of a debtor, usually a business. Usually, the agreement involves paying a lessened amount over a period of time. See also Company Voluntary Arrangement Individual Voluntary… … Wikipedia
arrangement with creditors — A plan of a debtor for the settlement, satisfaction, or extension of the time of payment of his debts. Chapter 11 of the federal Bankruptcy Code provides for a device whereby, under the protection and supervision of the court, a financially… … Black's law dictionary
arrangement with creditors — A plan of a debtor for the settlement, satisfaction, or extension of the time of payment of his debts. Chapter 11 of the federal Bankruptcy Code provides for a device whereby, under the protection and supervision of the court, a financially… … Black's law dictionary
composition with the creditors — taikos sutartis statusas Aprobuotas sritis įmonių restruktūrizavimas ir bankrotas apibrėžtis Kreditorių ir įmonės, o tuo atveju, kai įmonė yra neribotos civilinės atsakomybės juridinis asmuo, – ir jos savininko (savininkų) susitarimas tęsti… … Lithuanian dictionary (lietuvių žodynas)
composition — @ composition deed An agreement embodying the terms of a composition between a debtor and his creditors @ composition of matter In patent law, a substance composed of two or more different substances, without regard to form. A mixture or chemical … Black's law dictionary
composition — @ composition deed An agreement embodying the terms of a composition between a debtor and his creditors @ composition of matter In patent law, a substance composed of two or more different substances, without regard to form. A mixture or chemical … Black's law dictionary
Composition — Voluntary arrangement to restructure a firm s debt, under which payment is reduced. The New York Times Financial Glossary * * * composition com‧po‧si‧tion [ˌkɒmpəˈzɪʆn ǁ ˌkɑːm ] noun [countable usually singular] LAW an arrangement between a… … Financial and business terms
composition — Voluntary arrangement to restructure ( restructuring) a firm s debt, under which payment is reduced. Bloomberg Financial Dictionary * * * composition com‧po‧si‧tion [ˌkɒmpəˈzɪʆn ǁ ˌkɑːm ] noun [countable usually singular] LAW an arrangement… … Financial and business terms
composition agreement — See composition with creditors … Ballentine's law dictionary
