A method of adjusting a capital structure without bankruptcy proceedings involves the operation of the enterprise by a group of creditors, called a creditors’ committee. These representatives manage the firm until it gathers sufficient liquid capital to satisfy existing claims or until an acceptable composition is found. There is no legal compulsion for any creditor to accept an out-of-court adjustment. Any creditor can delay the process if it is dissatisfied with a proposal by the majority (or minority) of creditors to relieve the financial burden on the firm. The unhappy creditor can refuse the arrangement and insist that a claim be met in full; if it is not, the creditor can take the firm to court to be liquidated or reorganized.