Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Waiver definition

What does Waiver mean? In practice, waiver describes a party choosing not to insist on strict contractual performance, thereby giving up, temporarily or permanently, a contractual right or remedy. It is a descriptive, case law concept used across contract law and procedure in England & Wales, Scotland, Northern Ireland and Ireland. Key features: - Express or implied by conduct, but intention must be clear and unequivocal. - May occur before or after breach. After breach, not exercising a right to terminate is often called an election or affirmation (a waiver of the termination right). - A one‑off indulgence usually suspends strict performance and can be withdrawn...

Debt rescheduling, maturity extensions and waivers for loans and bonds: mechanics, creditor consent, and UK tax reliefs (corporate rescue, insolvency, debt‑for‑equity), including domestic top‑up tax

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

This Practice Note covers:

debt Rescheduling—lengthening the Amortisation/repayment timetable so the company can weather short-term financial strain. The purpose of rescheduling is to set a more achievable debt burden or a period within which repayment is feasible. A firm without cash to meet wages or supplier invoices will struggle to survive. Adjusting the schedule may allow the business to stabilise and frequently boosts the lenders’ overall recovery on their investment, as businesses are usually more valuable when trading successfully than when dismantled or broken up. In many cases, enabling continued trade by rescheduling supports recovery and preserves value for lenders
debt Waivers—the lender consents to discharge the borrower from having to repay part or all of sums owed. This typically happens where the lender accepts there is minimal or no realistic chance of full repayment to it at all in such circumstances

Rationale

The advantage of a rescheduling or waiver is that it prevents the debt being accelerated or causing cross-default under other finance agreements or layers of debt...

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Web page updated on 21/05/2026

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