| Commentary

45 Preparation and contents of proposal

| Commentary

45 Preparation and contents of proposal

The Insolvency (England and Wales) Rules 2016 (2016 Rules) provide that the proposal must contain an explanation why a voluntary arrangement is desirable, that is, it must:

  1. 45.1

        identify the debtor1;

  2. 45.2

        explain why the debtor thinks an IVA is desirable;

  3. 45.3

        explain why the creditors are expected to agree to an IVA; and

  4. 45.4

        be authenticated2 and dated by the debtor3.

The proposal may be amended at any time up to the delivery of the nominee’s report to the court with the agreement in writing of the nominee4.

In the 2016 Rules the prescribed contents of the proposal largely repeat previous Rules but are now set out in a Table as follows5:

‘The proposal must set out the following so far as known to the

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