An ordinary contract between the debtor and his creditors whereby the creditors receive pro rata a part of their claims and the debtor is discharged from the balance of the claims is:

Question

Quizplus · Accepted Answer

A non-statutory composition is an agreement between a debtor and creditors where creditors agree to accept a partial payment of their claims, and the debtor is discharged from the remaining balance.

An Ordinary Contract Between the Debtor and His Creditors Whereby