3 : Composition :

An agreement between a company and its creditors that means the creditors agree to usually accept a smaller amount than they are owed, in full and final settlement.

Click on the word or phrase to find a straightforward explanation rather than the exact legal definition.

Jargon Selection Associates Charging Order Company Voluntary Agreement (CVA) Composition Compulsory Liquidation Connected Party Cover Schedule (aka Bond) Creditor Creditors' Committee Directors Disqualification Extortionate Credit Transactions Insolvency Insolvency Practitioner (IP) Liquidator Moratorium Nominee Office Holder Official Receiver (OR) Preference Proxy Proxyholder Statutory Demand Supervisor Transaction at an Undervalue

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