An interim restructuring agreement is one which is filed in order to withdraw a bankruptcy petition earlier filed by the creditors. When the debtors have failed to repay the amount due to the creditors, an involuntary bankruptcy petition is filed by all the creditors together. But subsequently when the debtors agree to repay a partial amount as full settlement of the debt a restructuring agreement is initiated. This agreement is known as the interim restructuring agreement for involuntary bankruptcy petition.
This agreement is entered into between the creditor and the debtor when they have mutually agreed for out of court settlement. The agreement lays down the terms and conditions under which the earlier petition for involuntary bankruptcy is being withdrawn. The agreement stipulated full and final settlement of the debt by the debtors to the creditors and with no legal binding in future. The period of repayment may be one time or in installments as agreed between the debtors and the creditors.
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