Jurisdiction(s):
United Kingdom

Key definition

Steering committee definition

What does Steering committee mean? A steering committee is a small group of lenders or other creditors, drawn from a wider creditor constituency, formed to coordinate negotiations with a borrower or issuer in a restructuring, workout or waiver process (including schemes of arrangement, restructuring plans or examinership proposals). It represents the interests of that group, facilitating communication, testing proposals and building consensus. This is not a term defined by legislation or case law; it is a descriptive expression used in finance and capital markets practice. A committee is typically constituted under a committee or co‑operation letter setting out membership, confidentiality and information‑sharing arrangements, appointment of legal...

Establishing and running creditors’ committees in UK restructurings: purpose, membership, governance, confidentiality, conflicts and lender liability

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

In numerous restructuring scenarios, setting up a creditors’ committee (or steering committee) at an early stage can materially facilitate talks between the debtor and its creditors, often producing a quicker outcome and improved recoveries for the creditor body overall. A committee might be formal or ad hoc/informal (see Practice Note: Informal creditors’ committee in a restructuring) and is typically composed of creditors from the same class. It remains in place until a successful restructuring is agreed and carried out, or until negotiations over the restructuring fail. In a consensual restructuring, no statutory regime or best-practice guidance governs the creation of committees (unlike in formal insolvencies where Statements of insolvency Practice (SIPs) 15 and 6 apply—see Practice Note: Statements of Insolvency Practice—a quick guide, SIP 15, which offers guidance to insolvency practitioners on reporting and supplying information to committees, and also the guide produced by R3 to assist creditors in understanding the function of a committee and their responsibilities if they agree to serve as committee members). Increasingly, committees are also convened in response to non-consensual restructurings/liability management exercises (LME), where they seek to challenge the LME (see Practice Note: FAQs on Liability Management Exercises). Such committees are becoming increasingly common...

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Web page updated on 21/05/2026

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