Detroit Michigan Composition with Creditors with Debtor to Carry on Business under Inspection by Creditors' Committee and Debtor to Pay Full Amount of Debts
Category:
State:
Multi-State
City:
Detroit
Control #:
US-0937BG
Format:
Word;
Rich Text
Instant download
Description
A composition agreement is an agreement made between an embarrassed or insolvent debtor and two or more of his creditors that each of the creditors entering into the agreement will be paid a specified amount, less than the whole of their claims, and the creditors agree to accept such payment in full satisfaction of their claims. The agreement works substantially an accord for which the consideration is the satisfaction to be made by the debtor, and such an accord is no bar to suit on the original debt, unless the satisfaction is performed.
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