(1) In this Chapter—
“arrangement” means any agreement, scheme or arrangement (including an arrangement sanctioned in accordance with—
(a) Part 26 [or 26A] (arrangements and reconstructions), or
(b) section 110 of the Insolvency Act 1986 (c 45) or Article 96 of the Insolvency (Northern Ireland) Order 1989 (SI 1989/2405 (NI 19)) (liquidator in winding up accepting shares as consideration for sale of company property));
“company”, except in reference to the issuing company, includes any body corporate;
“equity shares” means shares comprised in a company's equity share capital, and “non-equity shares” means shares (of any class) that are not so
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Background to the Single RulebookHistorically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its legislation in respect of the financial services sector. However, Directives, allowing Member States greater flexibility in how they implement
Codicils may be used for making any alteration in a Will such as to alter the executors or make changes in legacies, whether by addition or deletion but that is by no means their only use. As a general rule, substantial changes are best achieved by means of a new Will and codicils are more
When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the company may want to ensure that relevant creditors quickly enter a standstill agreement to gain some breathing space to consider a restructuring
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
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