Interim order (individual voluntary arrangement) meaning

General Creditors decide whether, and to what extent, an individual voluntary arrangement (IVA) proposal should be approved. In-person meetings are no longer the default way to reach decisions; the nominee may instead choose a qualifying decision procedure to obtain creditors’ views on the proposal. These procedures are set out in the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, Pt 15. The relevant procedure or any meeting is overseen by the convener or chair, almost always the nominee; if the nominee cannot attend, a replacement will act on their behalf. Creditors’ consideration of the proposal The debtor’s proposal is the foundation of any IVA. IR 2016, SI 2016/1024, r 8.3 specifies the required contents of an IVA proposal. Where no interim order is sought, the nominee must inform creditors of their opinion on the viability of the debtor’s proposal within 14 days of the proposal document being finalised. If the debtor seeks an interim order, the nominee’s report on viability must accompany the debtor’s interim...

This Practice Note outlines the procedure for annulling a bankruptcy order under one of the two bases in section 282(1) of the Insolvency Act 1986 (IA 1986). It does not address annulment where an undischarged bankrupt has entered into an individual voluntary arrangement (IVA). For more detail on what annulment involves, the possible grounds, and the court’s discretion to annul, see Practice Note: Annulment of bankruptcy orders. See also the following checklists for applications relying on the alternative grounds: Summary checklist and timeline for annulment applications where bankruptcy order ought not to have been made Summary checklist and timeline for annulment applications where payment in full The application The application is made under IA 1986, s 282, which sets out two separate routes for annulling a bankruptcy. The application notice must include the information required by rule 1.35 of the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, and satisfy the content requirements in IR 2016, SI 2016/1024, r 10.132....

This glossary sets out numerous expressions regularly encountered in the restructuring & insolvency sphere. Words shown in bold within definitions are themselves explained in other entries in this glossary as well. A Article X The MLIJ contains a single provision named Article X, aimed at jurisdictions that have already implemented the MLCBI, like England, or are weighing its adoption. Article X states: ‘Not withstanding any prior interpretation to the contrary, the relief available under [insert a cross-reference to the legislation of this State enacting Article 21 of the UNCITRAL Model Law on Cross-Border Insolvency] includes recognition and enforcement of a judgment’ (see Practice Note: UNCITRAL model law on recognition and enforcement of insolvency-related judgments (MLIJ): Article X). Asset-backed security (ABS) A form of security anchored by asset pools, for example loans, leases, and credit card receivables. Assimilated law From 1 January 2024, ‘retained law’ has been retitled ‘assimilated law’. The body of domestic law originally arising from EU obligations, created by the European...