Definition
n. a method used for a debtor to work out a payment schedule to his/her creditors through a trustee who receives directly a portion of the debtor's income on a regular basis to pay the debtor's bills.
Context: Used in General Law
Examples
- In practice, “assignment for benefit of creditors” means a method used for a debtor to work out a payment schedule to his/her creditors through a trustee who receives directly a portion of the debtor's income on a regular basis to pay the debtor's bills