Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Schemes of arrangement definition

What does Schemes of arrangement mean? A scheme of arrangement is a court‑supervised mechanism for compromising or arranging the rights of a company’s creditors or members (or any class of them), typically used to restructure debt, reorganise share capital or implement a takeover via a members’ scheme. In the UK, schemes are governed by Part 26 of the Companies Act 2006; in Ireland, by Part 9, Chapter 1 of the Companies Act 2014. Key features include: the court directing class meetings; class composition based on legal rights; approval by the statutory majorities in each class (including at least 75% in value of those present and...

Part 26 schemes of arrangement in England and Wales: convening and sanction hearings—procedure, class composition, notice, jurisdiction, fairness and 'blot', standing, conditionality and post-Brexit recognition issues

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

Convening hearing

Under section 896 of the Companies Act 2006 (CA 2006), the court may require that a meeting of creditors, or any class of them, or of members, or any class of members, be called in whatever manner it directs. A request to convene such a meeting can be made by the company itself, any creditor or member, or, if the company is in winding up or administration, by its liquidator or administrator. Where a scheme is proposed within 12 weeks of a moratorium under the Corporate Insolvency and Governance Act 2020 (CIGA 2020), those holding any moratorium debts and any pre-moratorium debts for which there was no payment holiday during the moratorium effectively possess a veto over the scheme: the court must not approve a scheme that contains provisions relating to such creditors without their agreement (see Practice Note: Moratorium). The application must be filed at the Companies Court general office (Chancery Division of the High Court) or at any Chancery District Registry by issuing a Civil Procedure Rules 1998, SI 1998/3132, Part 8 (CPR 8) claim form. A scheme of...

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Web page updated on 21/05/2026

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