While businesses cannot enter into a PTD, it can be used for individuals who have personal debt as a result of their business.
It is a legally binding agreement between you and the companies you owe money to. This agreement protects your assets, such as your house and your car, from any legal action made by your creditors. You pay off as much as you can reasonably afford to do so within a set timeframe (normally 4 years). Any debt that remains at the end of this period is written off.