The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:
A company voluntary arrangement (CVA) is an arrangement between a company and its creditors, supervised by an IP (who is known as the supervisor once the arrangement become effective), sanctioned by the court and in compromise for the company's debts. For further reading on CVAs, the steps to implement them and their effect, see: Company Voluntary Arrangements—overview and the Practice Notes: In what circumstances can a CVA be proposed and by whom? and The process and effect of approval of a company voluntary arrangement (CVA): the position under the Insolvency (England and Wales) Rules 2016.
A CVA is normally proposed by the company's directors (but can be proposed by its administrator or liquidator) and its aim is to make a compromise in satisfaction of its debts, or have a scheme of arrangement of its affairs.
For a consideration of the property law aspects of a CVA, see Practice Note: Property law aspects of Company Voluntary Arrangements (CVAs).
The use of CVAs for companies with large property portfolios has increased in recent times as a CVA offers a mechanism that allows the tenant company (with creditor consent) to restructure its rent obligations on a mass scale, without the need to negotiate with each individual landlord. Such a CVA can significantly reduce the rent overheads of a company in a very
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Dividends involve a distribution of cash or a distribution of non-cash assets (known as a distribution in kind or a distribution in specie).A scrip dividend (in a tax context, sometimes referred to as a stock dividend) allows a shareholder to receive new shares in a company as an alternative to a
This Practice Note covers the legal framework and regulatory guidance to be considered in determining whether an arrangement constitutes a contract of insurance and the possible consequences of carrying on activities relating to a contract of insurance without the requisite regulatory permissionsThe
Coronavirus (COVID-19): During the current pandemic, legislation and changes to practice and procedure in the courts and tribunals have been introduced, which affect the following:•proceedings for possession•forfeiture of business leases on the grounds of non-payment of rent•a landlord's right to
This Practice Note looks at CE-File electronic working in the courts under CPR PD 51O, in the context of case management. It provides guidance on how to file a document electronically, deal with rejected electronic filings, issue a claim electronically, file electronic bundles (eBundles) for case
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