Introduction and Outline of Process

Abstract

Part A of the Book covers creditor schemes of arrangement under Part 26 of the Companies Act 2006 (UK schemes), restructuring plans under Part 26A of the Companies Act 2006 (inserted by the Corporate Insolvency and Governance Act 2020 (CIGA)), and schemes of arrangement under the Irish Companies Act 2014 (Irish schemes). It is divided into 8 chapters: 1. Introduction and outlined of process; 2. Jurisdiction and types of companies that may propose UK schemes, restructuring plans and Irish schemes; 3. Meaning of key legal terms and concepts for UK schemes, restructuring plans and Irish Schemes; 4. Meaning of key legal terms and concepts applicable only to restructuring plans; 5. Court hearings, creditor meetings and disclosure requirements; 6. Major types of creditor schemes; 7. Practice and procedure; and 8. Tax considerations for creditor schemes. Chapter 1 provides an introduction to UK schemes, restructuring plans and Irish schemes, their uses, prevalence and limitations. There is a comparison of CVA’s, UK schemes of arrangement, UK restructuring plans and Irish schemes of arrangement in a table format. The chapter summarizes the Practice Statement on UK schemes and restructuring plans issued in June 2020.