Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Insolvency definition

What does Insolvency mean? In practice, insolvency describes a financial state where a debtor cannot meet liabilities when due, triggering remedies such as administration, liquidation or bankruptcy and informing directors’ duties and avoidance claims. For companies in England & Wales, Scotland and Northern Ireland, the Insolvency Act 1986, s 123 sets two alternative tests: - Cash‑flow insolvency: an inability to pay debts as they fall due. The inquiry is practical and forward‑looking, not confined to today’s bills (Re Patrick & Lyon Ltd [1933] Ch 786; BNY Corporate Trustee Services Ltd v Eurosail [2013] UKSC 28). - Balance‑sheet insolvency: liabilities (including contingent and prospective liabilities) exceed assets on...

Chair’s Report Template: Company Voluntary Arrangement (CVA) Meeting and Decision Procedure (England and Wales) under Insolvency Act 1986 and Insolvency Rules 2016 – Resolutions, Voting, Modifications and Supervisors

Published by a LexisNexis Restructuring & Insolvency expert

Precedents

Number of matter CVA [ insert matter number ] of 20 [ insert year ]

Report of the consideration of the proposal

Pursuant to sections 4(6) and 4(6A) of the Insolvency Act 1986 and rule 2.38 of the Insolvency Rules 2016, I certify that the company meeting in the above matter, properly convened for [ insert time and date ] at [ insert place of meeting ], was duly held. Creditors were duly invited to consider the proposal by way of a decision procedure, and I therefore report as follows:

The Directors of [ insert Company name ] Limited put forward a Voluntary Arrangement under Part I of the Insolvency Act 1986 dated [ insert date ]. This was [ approved OR rejected ] by the company and [ approved OR rejected ] by the creditors, with the modifications annexed as Appendix 6. [ IF THE PROPOSAL WAS APPROVED THEN ADD THE RELEVANT PARTS OF (2) ]
The following resolution was taken at the meeting: that specified proposed modifications should be made to the proposal by the addition of clauses as indicated and as set out in Appendix 6. This resolution was approved...

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Lexa Hilliard , KC

Wilberforce Chambers

Lexa Hilliard KC is a popular and well-respected silk who is recommended by the legal directories for commercial dispute resolution, commercial chancery, company, insolvency and professional negligence. Her expertise also covers arbitration, banking and finance as well as fraud. She is particularly known for her cross-border litigation experience, often involving an insolvency or civil fraud angle. Clients note that she is: 'keenly commercial, incredibly passionate and works seamlessly with the team' and that she has: 'hugely impressive advocacy skills and strategic input'. She regularly handles high value, legally complex cases in both the domestic and international market, acting both as advocate and expert. Her ability to be 'highly inventive and always think of new ways to approach a case" allied to her: "no-nonsense approach" ensure her success with judges and tribunals as well as clients....

Web page updated on 22/05/2026

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