An applicant, for the purposes of this OG, is the disqualified person who is seeking the waiver. Correspondence may be through his or her legal or other advisers.
Arrangement
Agreement made between a debtor and his creditors, whereby the creditors accept an agreed sum in settlement of their claim rather than make the debtor bankrupt, or in the case of the company, force it into insolvency.
Composition
Agreement between a debtor and creditors to settle a debt immediately by repaying only a part of it.
