Creditors' Committee meaning

This Checklist outlines the position in relation to a creditors’ voluntary liquidation (CVL) with effect from 6 April 2017. Notifications The appointed liquidator must provide the registrar of companies with the following: a copy of the statement of affairs, to be delivered within five business days after the conclusion of the decision procedure or deemed consent procedure relating to the liquidator’s appointment a copy of the notice of appointment of liquidator, to be sent within 14 days of the appointment The registrar of companies should be notified using Form 600CH. If the liquidator chooses to move the company’s registered office to their business address, they should also submit to the registrar of companies a copy confirming the change of registered office (if this has not already been filed). In February 2014, Companies House issued guidance answering frequently asked questions about insolvency filings at Companies House (most recently updated on 10 March 2022). The guidance contains a list of the...

In this issue: Public procurement Governance Social housing Education Children's social care Social care Planning Daily and weekly news alerts New and updated content Public procurement Cabinet Office publishes first suite of Procurement Act 2023 guidance documents The Cabinet Office has issued an initial tranche of guidance on the Procurement Act 2023 (PA 2023). Designed to offer technical support, the materials explain interpretation and application of PA 2023, and are directed at procurement practitioners and commercial policy leads within contracting authorities. Each document should be read alongside PA 2023 and the related regulations. The Cabinet Office confirms a staggered release, aiming to complete the full set by June 2024. The Procurement Regulations 2024 have likewise been released in final form for Parliamentary debate. These draft regulations include the amendments flagged in the government’s consultation response issued on 22 March 2024. Separate guidance for devolved Welsh authorities will be issued by the Welsh Government in...

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In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Banks and mutuals UK MiFID II EU MiFID II Consumer credit Regulation of insurance Payment services and systems Fintech and cryptoassets LexTalk®Financial Services: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies FCA publishes Handbook Notice No 135 The Financial Conduct Authority (FCA) has issued Handbook Notice No 134, outlining amendments to the FCA Handbook and related materials approved by the FCA board on 27 November 2025. See: LNB News 28/11/2025 48. ESMA sets out planned consultations for...

The Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 set out a refreshed framework for taking decisions across all insolvency processes. The granular rules on decision-making are contained in IR 2016, SI 2016/1024, Pt 15. This Practice Note addresses the practical steps for forming a liquidation committee and explains the general creditors’ decision-making in liquidation. In reality, a liquidation committee carries considerable weight where cases are sizeable and complex. The liquidation committee Liquidators must obtain decisions by deemed consent or through a qualifying decision procedure. Physical meetings are permissible only when the relevant minimum number of creditors so request under section 246ZE of the Insolvency Act 1986 (IA 1986), though creditors may call for one before the notice of deemed consent or qualifying decision procedure is sent. In a creditors’ voluntary liquidation, creditors will be asked to determine if a liquidation committee should be created and to put forward nominees for committee membership at the same time as the directors seek their nomination of a liquidator,...

ARCHIVED This archived Practice Note is not maintained and is provided solely for background purposes. Please note that some links may no longer point to the provisions as they stood when this guidance was issued and originally published. For details of earlier and later amendments to the CPR, see: CPR updates—overview and Procedure Rule Committee minutes—overview. Agenda and minutes The draft agenda for the CPR Committee (CPRC) open meeting on 11 May 2018 is available here: The agreed minutes can also be found here: The meeting was presided over by Mr Justice Coulson, while Sir Terence Etherton delivered the opening remarks, expressly noting the breadth of the CPRC’s work and the considerable success of its open meetings (which have been held since June 2006). Membership (Agenda item 3) It was noted that: District Judge Lethem will continue to serve a further term on the CPRC a new barrister member will be appointed to replace Mr Johnathan Klein Ms Kate Wellington,...

The Modern Slavery Act 2015 (MSA 2015) The Modern Slavery Act 2015 (MSA 2015) gained Royal Assent on 26 March 2015. Under Section 54, certain firms are required to prepare and make public a statement addressing modern slavery and human trafficking, for each and every financial year of the organisation. The government has issued guidance (the Guidance), which was updated on 27 March 2025. The 2025 revision marks the first wholesale replacement of the Guidance since its initial issue in October 2015, displacing earlier incremental updates. The Guidance states plainly that organisations ought to release their statement as soon as is reasonably practicable after the close of their financial year, and preferably no later than six months after the organisation’s year end. Accordingly, a company with a 31 March year end should, in effect, have its statement available by 30 September of that same year, in line with the stated expectation. Organisations may prefer to time publication to coincide with other annual accounts, following their usual cycle. Beyond the...

To: The individuals named in Schedule 1 to this letter [ insert names of Lenders ] From: [ insert name of solicitors for the Creditors' Committee or the name of the Chair ] Date: [ insert date ] Appointment of Creditors' Committee We refer to the conversations at the meeting of creditors convened by [ insert name of debtor company ] (the Company) concerning the proposed restructuring...

PART ONE—GENERAL PROVISIONS 1 Definitions and interpretations This Rule sets out the glossary for the Plan and how those terms should be read. Defined expressions cover, among others: Awards and outcomes: Contingent Awards, Restricted Awards, Matched Awards, Options and Cash Awards, together with Date of Grant, Option Price, Exercise Price, Market Value, Dividend Equivalent and the concept of Vesting; People and entities: the Company (acting through the Board or a duly authorised committee, which may include the Remuneration Committee), Eligible Employees, Participants (and their personal representatives), the Group and its Subsidiaries, Associated Companies, the Grantor, the Nominee, the Trustee and Trust, and HMRC; Timeframes and dealing: Financial Year, Dealing Day, Closed Period, Grant Period, Holding Period, Relevant Period and the Plan Period; Shares and schemes: Shares, Employees’ Share Scheme and Company Share Scheme, Invested Shares and Invested Share Amount, and Matched Awards linked to such co‑investment; Legal and tax concepts: Control (as in ITA 2007, s995), ITEPA, Tax liabilities and any...

Frequently Asked Questions—clients, investors or trade creditors These FAQs are provided solely for guidance in relation to the Special Administration of [ insert company ] and the Investment Bank Special Administration (England and Wales) Rules 2011, SI 2011/1301. You should seek your own legal and other professional advisers for advice in relation to your claim. General FAQs What is a special administration? The Investment Bank Special Administration Regulations 2011, SI 2011/245 were brought in to enhance the process when an investment bank collapses or fails. [ Set out the distinctions from ordinary administration, the statutory objectives underpinning a special administration, the possibility of forming a creditors' committee, together with how costs are to be met in practice, eg the costs and expenses of returning client assets are to be paid out of relevant client assets and other costs and expenses are to be paid out of the Company’s own/firm assets. ] Who are Special Administrators? Special...