individual voluntary arrangement

Britain

(Britain) A formal alternative to bankruptcy involving a flexible contract with creditors

Japanese Meaning

英国における破産に代わる正式な手続きで、債権者と柔軟な契約を結び、債務の再編を行う制度

Faced with mounting debts, he negotiated an individual voluntary arrangement with his creditors to avoid bankruptcy.

多額の負債を抱えた彼は、破産に代わる正式な手続きとして債権者と柔軟な条件の契約を結び、倒産を回避した。

Sense（1）

(Britain) A formal alternative to bankruptcy involving a flexible contract with creditors

individual voluntary arrangements

（ plural ）