Where the creditors decide that a creditors' committee should be established, the convener or chair of the decision procedure or convener of the deemed consent process (if not the trustee) must as soon as reasonably practicable deliver a notice of the decision to the trustee (or to the person appointed as trustee)1; and where a decision has also been made as to membership of the committee, inform the trustee of the names and addresses of the persons elected to be members of the committee2. Where a decision has been made to establish a committee but not as to its
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Dividends involve a distribution of cash or a distribution of non-cash assets (known as a distribution in kind or a distribution in specie).A scrip dividend (in a tax context, sometimes referred to as a stock dividend) allows a shareholder to receive new shares in a company as an alternative to a
The primary function of office-holders in personal and corporate insolvency is to collect in the assets belonging to a company or individual and to distribute these to the company's or individual's creditors. Office-holders have various duties and powers in order to ensure that they do this. For
When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the company may want to ensure that relevant creditors quickly enter a standstill agreement to gain some breathing space to consider a restructuring
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
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