PRACTICE NOTES
The Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 set out the overarching framework for decision-making across all formal insolvency processes. Although decision procedures specifically appear in IR 2016, SI 2016/1024, Pt 15, company voluntary arrangements (CVAs) are instead covered in IR 2016, SI 2016/1024, Pt 2. For a further general guide to decision-making, see Practice Note: Voting and creditors' decision procedures.
Creditor claims
There is no express statutory definition of ‘creditor’ in the Insolvency Act 1986 (IA 1986) or IR 2016, SI 2016/1024 for the purposes of a CVA. For individual voluntary arrangements (IVAs), the expressions ‘debt’ and ‘liability’ are each defined to embrace ‘debts or liabilities which are present or future, certain or contingent or in respect of an amount which is fixed or liquidated or is capable of being ascertained by fixed rules or as a matter of
Restructuring & Insolvency