In a voluntary settlement, composition is an arrangement in which the creditor committee replaces the firm's operating management and operates the firm until all claims have been settled.

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In a voluntary settlement, composition is an arrangement where creditors agree to receive a portion of the amount owed to them, usually in installments, in exchange for releasing the debtor from the remaining debt. It does not involve the replacement of the firm's operating management by the creditor committee.

In a Voluntary Settlement, Composition Is an Arrangement in Which