voluntary liquidation; out-of-court workout
A legal/financial term referring to the process where a debtor negotiates directly with creditors to restructure or liquidate assets without court involvement, as opposed to formal bankruptcy proceedings.
Managers of small and medium-sized enterprises often choose out-of-court workouts over formal legal proceedings.
私的整理の手続きでは、債権者との合意が不可欠だ。
In the process of voluntary liquidation, agreement with creditors is essential.