Voluntary Arrangements

Voluntary Arrangements are agreements made by individuals or businesses facing financial difficulties to repay their debts over time, without going through bankruptcy. Under this process, the debtor proposes a repayment plan to creditors, which must be approved by the majority. If accepted, it allows the debtor to manage repayments while protecting them from creditors taking immediate action. This avoids the potentially harsh consequences of bankruptcy and offers a structured way to regain financial stability. It's a legal and formal way to handle debt responsibly while negotiating with those owed money.