A composition in accounting refers to an agreement between a debtor and creditors, where the debt is partially forgiven in exchange for a proportion of what is due. This can be formalized through a deed of arrangement or an individual voluntary arrangement.
A written agreement between a debtor and their creditors, registered with the Insolvency Service, which outlines the repayment of debts or restructuring of debtor's affairs.
A Scheme of Arrangement is an agreement between a company and its members or creditors to restructure the business or debts, often used during financial difficulties or takeovers and requires court sanction.
