Creditors’ meetings: approval of schemes of arrangement the position under the Insolvency (England and Wales) Rules 2016
Produced in partnership with South Square and BDO LLP
Creditors’ meetings: approval of schemes of arrangement the position under the Insolvency (England and Wales) Rules 2016

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

  • Creditors’ meetings: approval of schemes of arrangement the position under the Insolvency (England and Wales) Rules 2016
  • General schemes of arrangement
  • Creditors’ meetings: practice: general: class issues
  • Creditors’ meeting: further class issues: foreign creditors: proxies
  • Summoning meetings: the court’s powers
  • Summoning meetings: the 2002 practice statement: the court’s function
  • Summoning meetings: identifying creditors
  • Creditors’ meeting: convening the meetings and explanatory statement: quorum
  • Creditors’ meetings: relationship with scheme implementation
  • Statement of Insolvency Practice 6

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].

General schemes of arrangement

The Companies Act 2006, CA 2006, s 895 enables a company and its creditors or any class of creditors, as well as the company and its members or any class of its members to carry out a restructuring pursuant to a compromise or arrangement. When any such compromise or arrangement is proposed, the court may on the application of the company or of any creditor or of any member, as the case may be, or of any liquidator or administrator, should there be one, order a meeting of the creditors of class of creditors or members or class of members to be called. If a majority in value representing three-quarters in value of each of the said groups present in person or by proxy agree, and provided the same is sanctioned by the court, the scheme will be binding upon all the creditors or members or any class or classes thereof as the