The following Restructuring & Insolvency practice note Produced in partnership with Tom Shepherd of 4 New Square and Paul Allen of FRP Advisory LLP provides comprehensive and up to date legal information covering:
This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and processes as a result of the Coronavirus (COVID-19) pandemic, including the Temporary Insolvency Practice Direction 2020. For further information, see Practice Notes: Coronavirus (COVID-19)—Changes to the court process in insolvency proceedings and The Temporary Insolvency Practice Direction Supporting the Insolvency Practice Direction (October 2020). For related news, guidance and other resources to assist practitioners working on restructuring and insolvency matters, see: Coronavirus (COVID-19)—Restructuring & Insolvency—overview.
An application can be made to challenge the approval of an individual voluntary arrangement (IVA) on one or both of two grounds:
that the creditors’ decision approving the IVA unfairly prejudices the interests of a creditor of the debtor
that there has been some material irregularity at or in relation to the creditors' decision procedure
A creditor is entitled to challenge an IVA if they:
were entitled to vote in the creditors' decision procedure, or
would have been entitled had they had notice of the creditors' decision procedure
A challenge to an IVA may only be pursued in accordance with the statutory scheme.
An application to challenge an IVA may not be made:
after the end of the period of 28 days beginning with:
where an interim order
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Coronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. For guidance, see Practice Note: Coronavirus
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