An
agreement between debtor and his creditors whereby
the compounding creditors agree with the debtor
between themselves to accept from the debtor payment
of less than the amounts due to them in full
satisfaction of their claim.
(Please Note: The
definitions are not intended to be exhaustive
summaries of the Law. They are based on material
from The Insolvency Act 1986 , and other Acts
dealing with this subject.)
Budgeting at christmas 
