Companies' Creditors Arrangement Act (CCAA): A plan of arrangement is the written proposal made by an insolvent company to its creditors to compromise or restructure its liabilities under the CCAA.
The purpose of the Plan is to effect a compromise, settlement and payment of all Affected Claims as finally determined for voting and distribution purposes, with the expectation that all Persons with an economic interest in the Debtor will derive a greater benefit from the implementation of the Plan than would result
Schemes of arrangement—definition and basis in statute
A scheme of arrangement is a court-sanctioned compromise between a company and its creditors or members.