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Has the judgment in Narandas-Girdhar and another v Bradstock clarified the position when challenging the approval of a voluntary arrangement by a creditors’ meeting? Katherine Hallett, barrister at 13 Old Square Chambers, explores the decision and the practical implications when seeking to set aside an individual voluntary arrangement (IVA).
Narandas-Girdhar and another v Bradstock  EWCA Civ 88,  All ER (D) 151 (Feb)
The Court of Appeal, Civil Division, dismissed an appeal against the refusal to set aside an IVA. The judge had given the debtor’s modified proposal the correct construction and had not erred in finding that it was not conditional upon the debtor’s wife’s IVA also being approved. Further, the judge had not erred in finding that the Revenue and Customs Commissioners had subsequently ratified the proxy vote cast on its behalf, even though the proxy form had not specifically addressed the proposal that had eventually been passed.
Mr Parekh had entered an IVA in 1999. The proposals as originally drafted had provided that any IVA would be conditional upon the acceptance of IVA proposals in respect of his wife. However, a modification removed that condition. Mrs Parekh’s proposals were not approved.
No creditors attended the creditors’ meeting. The chairman held proxies, which he exercised in favour of the modified proposals.
In 2010, having subsequently been made bankrupt due to the failure of his IVA, Mr Parekh sought a declaration that his IVA was a nullity because:
Factually, Mr Parekh challenged the judge’s findings that:
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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.
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