COVID-19 Standard Conditions for Company Voluntary Arrangements
COVID-19 Standard Conditions for Company Voluntary Arrangements

The following Restructuring & Insolvency precedent provides comprehensive and up to date legal information covering:

  • COVID-19 Standard Conditions for Company Voluntary Arrangements

Part 1: Interpretation

    1. 1

      Miscellaneous definitions

      1. 1.1

        In the Arrangement, except where the context otherwise demands:

        The Act

        1. means the Insolvency Act 1986 as amended;

        Arrangement

        1. means the Proposal and the Conditions read together;

        Conditions

        1. are these Conditions;

        Connected

        1. shall have the meaning given to it in section 249 of the Act;

        Court

        1. means any court having jurisdiction in respect of the Arrangement;

        Creditor

        1. is a person bound by the Arrangement to whom a Debt is owed;

        Debt

        1. has the meaning given to it in Part 14 of the Rules with the modifications necessary to refer to a voluntary arrangement, and an HMRC Debt;

        Decision Date

        1. has the meaning given by Rule 15.2(1) of the Rules with the modifications necessary to refer to a voluntary arrangement;

        Decision Procedure

        1. has the meaning given to a Qualifying Decision Procedure by Section 246ZE of the Act and that given to a Decision Procedure by Rule 15.3 of the Rules with the modifications necessary to refer to a voluntary arrangement;

        Directors

        1. means all the directors of the Company at the time that the Proposal was made or at the time of the event described, where relevant in the context;

        Dividend

        1. means a distribution to Creditors;

        Excluded Assets

        1. are those assets identified in the Proposal as being excluded from the Arrangement;

        Hire Purchase Agreement

        1. has the same meaning as found in paragraph 111(1) of Schedule B1 to the Insolvency Act 1986;

        HMRC Debt

        1. means the

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