Creditors’ consideration of CVA proposals—the position under the Insolvency (England and Wales) Rules 2016
Produced in partnership with William Willson of South Square
Creditors’ consideration of CVA proposals—the position under the Insolvency (England and Wales) Rules 2016

The following Restructuring & Insolvency guidance note Produced in partnership with William Willson of South Square provides comprehensive and up to date legal information covering:

  • Creditors’ consideration of CVA proposals—the position under the Insolvency (England and Wales) Rules 2016
  • Brexit impact—cross-border insolvency (Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146)
  • General
  • Voting rights
  • Contingent creditors
  • Secured creditors
  • Majorities
  • Appeal

The Insolvency (England and Wales) Rules 2016 (IR 2016) provide a revised scheme for decision-making in all insolvency procedures. The detailed provisions for decision-making are set out in Part 15 of IR 2016, SI 2016/1024. For details of the changes brought about under this Part, please refer to Practice Note: The Insolvency (England and Wales) Rules 2016—Part 15 and 16: Creditors meetings and proxies [Archived] and Voting and creditors' decision procedures—the position under the Insolvency (England and Wales) Rules 2016.

For changes to CVAs generally, see Practice Note: The Insolvency (England and Wales) Rules 2016—Part 2: Changes to company voluntary arrangements (CVAs) [Archived] and The Insolvency (England and Wales) Rules 2016—CVL commencement [Archived].

Brexit impact—cross-border insolvency (Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146)

As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. References to exit day in many Brexit SIs are to be read as reference to IP completion day (Implementation Period completion day, defined in clause 39 as 31 December 2020 at 11.00 pm) (unless that provision is expressly disapplied by the SI in question). For further details, see News Analysis: Brexit—impact of the Withdrawal Agreement and