Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
What constitutes material irregularities in individual voluntary arrangements (IVAs) and how will thecourt assess these? Faith Julian of 9 Stone Buildings examines thedecision in Rowbury and others v Official Receiver and others.
Rowbury and others v Official Receiver and others  EWHC 2276 (Ch),  All ER (D) 129 (Sep)
The applicants sought orders, including to revoke a voluntary arrangement proposed by a bankrupt at a meeting of his creditors. The Bankruptcy High Court held that, as a result of reversing thechairman’s decision not to suspend themeeting and discounting thevalue of one vote, thearrangement would be revoked and thebankruptcy re-instated.
This was an application for an order under section 262 of theInsolvency Act 1986 (IA 1986), or alternatively rule 5.22(5) of theInsolvency Rules 1986, SI 1986/1925 (IR 1986), to revoke an IVA approved at a creditors’ meeting on 8 December 2014. A second application was also before thecourt, but not dealt with in this judgment.
The bankruptcy occurred against thebackdrop of litigation regarding thedebtor’s (or alternatively thedebtor’s company’s) entitlement to share in thecontinuing income stream generated by thefilm known as Monty Python and theHoly Grail.
Registrar Briggs was asked to consider whether certain events occurring at themeeting amounted to ‘material irregularities’ for thepurposes of IA 1986, s 262(1)(b) such that theIVA could and should be revoked.
It was common ground that an irregularity will be material where, objectively assessed, theerror or omission ‘would be likely to have made a material difference to theway in which creditors would have considered and assessed theterms of theproposed IVA’ (Cadbury Schweppes plc v Somji  1 WLR
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
Stephen qualified as a solicitor in 2005 and joined the Restructuring and Insolvency team at Lexis®PSL in September 2014 from Shoosmiths LLP, where he was a senior associate in the restructuring and insolvency team.
Primarily focused on contentious and advisory corporate and personal insolvency work, Stephen’s experience includes acting for office-holders on a wide range of issues, including appointments, investigations and the recovery and realisation of assets (including antecedent transaction claims), and for creditors in respect of the impact on them of the insolvency of debtors and counterparties.
0330 161 1234