The following Restructuring & Insolvency practice note Produced in partnership with South Square and BDO LLP provides comprehensive and up to date legal information covering:
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].
This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19) toolkit. For related news, guidance and other resources to assist practitioners working on restructuring and insolvency matters, see: Coronavirus (COVID-19)—Restructuring & Insolvency—overview.
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
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