The following Restructuring & Insolvency guidance note Produced in partnership with Phillip Taylor of Sidley Austin LLP and Chris Laughton of Mercer & Hole Chartered Accountants provides comprehensive and up to date legal information covering:
This Practice Note covers:
what arrangements under Insolvency Act 1986 (IA 1986), s 110 (a s 110 arrangement) is (see: What is a s 110 arrangement?)
the rationale for s 110 arrangements (see: Rationale for s 110 arrangements)
the other options available (see: Other options available)
the requirements for s 110 arrangements (ie which companies can benefit from them) (see: The requirements for s 110 arrangements)
the benefits of s 110 arrangements (see: Benefits of s 110 arrangements)
potential complications in s 110 arrangements (see: Potential complications in s 110 arrangements)
the typical deal structure (see: Typical deal structure)
appointing the liquidator (see: Insolvency Act 1986 s 110 arrangements — Appointing the liquidator)
typical contents of a reconstruction agreement (see: Contents of a reconstruction agreement)
how s 110 arrangements can be challenged by dissenting shareholders (see: Challenge by dissenting shareholders), and
a summary of likely tax issues (see: Tax issues)
A section 110 arrangement is a statutory mechanism for dividing or de-merging businesses or assets held within or owned by a single legal entity, so that after the transaction they are held by two or more legal entities. There are a number of reasons why this might be desirable (see: Rationale for s 110 arrangements below) and a number of different ways of
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