Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Voluntary arrangement definition

What does Voluntary arrangement mean? In practice, a voluntary arrangement is a negotiated, legally binding compromise of debts that lets a debtor pay in full or in part over time while avoiding bankruptcy or liquidation. The term is descriptive: in England & Wales and Northern Ireland it most commonly refers to a company Voluntary Arrangement (CVA) for companies and an Individual Voluntary Arrangement (IVA) for individuals, both statutory procedures under the Insolvency Act 1986 (and the Insolvency (Northern Ireland) Order 1989). In Scotland, CVAs are available, but individuals use protected trust deeds or the Debt Arrangement Scheme rather than IVAs. In Ireland, “voluntary arrangement”...

CVA approval: convening, voting, modifications, unfair prejudice, creditor impacts, HMRC/PPF policies, moratorium vetoes, adjudication, and cross-border recognition (England and Wales)

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

Consideration of the proposal

What is the process of considering of the proposal?

The nominee is required to call a company meeting to examine the proposal at a specified time, date and place, and must invite creditors to consider it through a decision procedure. The insolvency (England and Wales) rules 2016 (IR 2016), SI 2016/1024 apply to CVAs. The creditors’ decision date may take place on the same day as the company meeting, or on different days; in all cases, the creditors must reach their decision before the members, and the members’ decision must occur no later than five business days after the creditors’ decision. The decision date must be set not less than 14 days from delivery of the notice under IR 2016, SI 2016/1024, r 2.25, and not more than 28 days after the nominee’s report is filed with the court. To convene the company meeting, the nominee must, at least 14 days in advance, deliver a notice to:

every person whom the nominee believes to be a member of the company
every officer

...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Web page updated on 29/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...