Q&As

With reference to the Corporate Insolvency and Governance Bill, what is the end of the plan or exit from the plan for the ‘cross-class cram down’ scheme of arrangement? Will you have to go to court for them to confirm the terms of it have been satisfied? How will the plan come to an end?

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Produced in partnership with Eleanor Stephens
Published on LexisPSL on 16/06/2020

The following Restructuring & Insolvency Q&A produced in partnership with Eleanor Stephens provides comprehensive and up to date legal information covering:

  • With reference to the Corporate Insolvency and Governance Bill, what is the end of the plan or exit from the plan for the ‘cross-class cram down’ scheme of arrangement? Will you have to go to court for them to confirm the terms of it have been satisfied? How will the plan come to an end?

With reference to the Corporate Insolvency and Governance Bill, what is the end of the plan or exit from the plan for the ‘cross-class cram down’ scheme of arrangement? Will you have to go to court for them to confirm the terms of it have been satisfied? How will the plan come to an end?

The Corporate Insolvency and Governance Bill (the Bill) received its second reading in the House of Lords on 9 June 2020. The Bill goes to committee stage in the House of Lords on 16 June 2020. For the Bill in full, see Corporate Insolvency and Governance Bill.

Among the proposed reforms, the Bill (at clause 7 and Schedule 9) introduces a new Part 26A into the Companies Act 2006 (CA 2006)—Arrangements and Reconstructions for Companies in Financial Difficulty (a ‘restructuring plan’).

The Bill contemplates a new restructuring procedure that would allow a company to bind all creditors, including junior classes of creditors even if they

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