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R3’s standard form coronavirus CVA proposal (Scotland)
R3 said it was impossible to create a template CVA to tackle all variations that may be necessary in a CVA. R3’s standard form CVA proposal has therefore been drafted to fit the following criteria:
R3’s standard form CVA proposal is supported by standard conditions. These are based to a large extent on the popular and well-used R3 standard conditions for individual voluntary arrangements used by consumers, with amendments appropriate for companies. They are incorporated into R3’s standard form CVA proposal by inclusion in Appendix 1.
The creation of R3’s standard form CVA proposal and standard conditions was orchestrated by Stewart Perry and Professor Peter Walton, both members of R3’s General Technical Committee, with assistance from Matthew Finnie, Roddy Mckellar, Sophia Harrison and Tim Cooper on the Scottish versions. Both documents are a free resource available on R3’s website (as well as on Lexis®PSL Restructuring & Insolvency). Variations for use in Northern Ireland will follow in due course.
Lexis®PSL’s new Scottish CVA precedents
Lexis®PSL Restructuring & Insolvency has launched new Scottish CVA precedents (reproduced with kind permission of R3):
Other useful links
R3’s documents are available here.
R3 had previously published a similar CVA proposal and standard conditions for use by English and Welsh companies—see News Analysis: R3 announces new standard form COVID-19 CVA proposal and standard conditions and the following Precedents:
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