Restructuring Plans under Companies Act 2006 Part 26A: indicative pre‑1 January 2026 timetable, Practice Statement notice requirements, creditor engagement, and court expectations from convening to sanction

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Practice Statement (Companies: Schemes of Arrangement under Part 26 and Part 26A of the Companies Act 2006) (Practice Statement 2020)

Where a company puts forward a restructuring plan to creditors, the Practice Statement 2020 requires it to take every reasonably available step to alert any person affected that the plan is being advanced, explain the aim it seeks to achieve, and outline the creditor meetings the applicant considers will be required and how they are constituted, unless there is proper justification for not doing so (a consultation began in May 2025 intending to replace this Practice Statement by the end of July 2025; see: LNB News 09/05/2025 46). This notification is typically given by sending a practice statement letter to creditors ahead of the convening hearing. What amounts to sufficient notice of the convening hearing turns on the particular facts and circumstances (Practice Statement 2020, para 7) and is a highly fact‑sensitive inquiry (see Re PizzaExpress (convening)). In practical terms, the length of notice likely required may depend on:

the extent to which creditors/members engaged before launch of the plan (ie extensive pre-launch involvement may justify a shorter period of notice)...

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Web page updated on 20/05/2026

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