The following Restructuring & Insolvency practice note Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 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 a company voluntary arrangement (CVA) on one or both of two grounds:
that the arrangement unfairly prejudices the interests of a creditor, member or contributory of the company
that there has been some material irregularity at or in relation to the meeting of the company or in relation to the relevant qualifying decision procedure (see SIP 6)
A challenge to a CVA on the basis of an irregularity at or in relation to a decision taken at a company meeting or a decision of the creditors made in the relevant qualifying decision procedure may only be pursued in accordance with the statutory scheme. However, where the alleged flaw in the CVA is so serious that the CVA is rendered null and void, the statutory scheme
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