Schemes of arrangement—convening hearing and sanction hearing
Produced in partnership with Jonathan Akinluyi of Latham & Watkins and Riccardo Alonzi of Skadden

The following Restructuring & Insolvency practice note produced in partnership with Jonathan Akinluyi of Latham & Watkins and Riccardo Alonzi of Skadden provides comprehensive and up to date legal information covering:

  • Schemes of arrangement—convening hearing and sanction hearing
  • IP completion day
  • Convening hearing
  • Sanction hearing

Schemes of arrangement—convening hearing and sanction hearing

IP completion day

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 entered an implementation period, during which it continued to be subject to EU law. For further details, see News Analyses: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I lawyers and Brexit Bulletin—key updates, research tips and resources.

For proceedings commenced before IP completion day, although schemes do not fall within the Regulation (EU) 2015/848 (OJ L141 5.6.2015 p 19), Recast Regulation on Insolvency [EU Recast Regulation on Insolvency], their subsequent recognition often relies on EU Brussels I (recast) (see below and also Practice Note: Brexit—impact on schemes of arrangement and No deal Brexit—impact on jurisdiction agreements—checklist).

For proceedings commenced from IP completion day onwards, (i) the operative parts of the EU Recast Regulation on Insolvency on automatic recognition and (ii) EU Brussels I recast fall away for the UK.

Convening hearing

Pursuant to section 896 of the Companies Act 2006, CA 2006, the court may order a meeting of the creditors or class of creditors, or of the members or class of members, to be summoned in such manner as the court directs. An application for a meeting may be made by the company, any creditor or member

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