Jurisdiction(s):
United Kingdom

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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...

Template Explanatory Statement for Part 26A Companies Act 2006 Restructuring Plan, including Meeting Notice, Voting and Cross-Class Cram Down Provisions (England and Wales)

Published by a LexisNexis Restructuring & Insolvency expert

Precedents

This document is significant and demands your prompt attention today. If you are uncertain about any aspect of this proposal or about the steps you ought to take, you should consult your professional adviser without delay and without hesitation.

Further copies of this document and the accompanying voting forms can be obtained readily and directly from the address Listed on page [ insert number ]. [ They may also be downloaded and printed from the website [ insert website address ] ] .

Proposal in relation to restructuring plan Pursuant to Part 26A of the Companies Act 2006

Between [ Insert Company name ] and its creditors/members (as defined in the restructuring plan) The meeting [ s ] of Creditors/Members to review the restructuring plan (the Meeting [ s ] ') will be convened [ [ at insert address ] OR remotely by telephone/webinar OR on [ insert date ]. The meeting [ s ] will start at [ insert time ] London time. Notice of the meeting [ s ] appears in Appendix 5 to this document. The steps to be taken by Creditors/Members are detailed on page [ insert number ]. Whether or not Creditors/Members plan to be...

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Web page updated on 22/05/2026

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