Legal Precedents

The timetable below is illustrative; no deadlines are set by statute. If the company advancing the plan is a regulated entity, the regulator’s rules on when creditors must be notified will shape the schedule. The regulator will also wish to review the proposals and documents, further affecting timing (for relevant factors, see Practice Note: Schemes of arrangement for FCA regulated companies). In addition, where many intermediaries stand between the company and the ultimate beneficial holders of the debt, extra time may be needed for documents to pass through intermediaries and clearing systems, and for creditors to consider the scheme. Date Action From 98 days before the convening hearing Draft the scheme of arrangement, explanatory statement, and proxy form (see Precedents: Scheme of arrangement, Explanatory statement, Form of proxy) Compile a complete list of creditors with contact addresses Where current addresses are...

1 Termination Either party may end this Agreement by serving no less than [ enter number ] months’ written notice on the other party, provided that such notice shall not expire prior to the said [ enter number eg first ] anniversary of the date of this Agreement. Either party may bring this Agreement to an end at any time by giving notice in writing to the other party if: the other party commits a material breach of this Agreement that is not capable of remedy at all; the other party commits a material breach of this Agreement and fails to remedy it within [ 14 ] days of receiving written notice of that breach; the other party has not paid any sum due...

1 Title and risk Risk in the Goods will pass to the Buyer [ upon [ completion of ] delivery OR at the moment the Goods are handed to the carrier ]. Title to the Goods will pass to the Buyer once the Seller has received [ payment in full for the Goods OR payment in full for all debts owed by the Buyer to the Seller (including payment for the Goods) at any given time ]. Until title to the Goods has passed to the Buyer, the Buyer will: hold the Goods as the Seller’s bailee; store the Goods separately from all other materials......

Note: Use this precedent with an application notice template compliant with the Insolvency ( England and Wales) Rules 2016, SI 2016/1024—see Form IAA, IR 2016, r1.35. INSOLVENCY ACT APPLICATION NOTICE CASE NO: [insert case number] In the matter of [company] and the Insolvency Act 1986. Between [ Applicant(s)] Applicant(s) and [ Respondent(s)] Respondent(s). Section [214 or 246ZB]. Applicant(s): [names/addresses]. Respondent(s): [names/addresses]. Application concerns [company details] to [level of judge] in [court/hearing centre as per heading]. Within existing insolvency proceedings? YES/ NO. Ref: [number]. Declaration that from [date] there was no reasonable prospect of [company] avoiding insolvent [liquidation/administration]. Declaration that the Respondent(s) contribute [sum] or such other sum as the Court thinks fit. Order that the sum found due be paid to the Company. Interest for such period and rate as the Court considers appropriate. Costs of and incidental to this...

Confidentiality agreement — restructuring & insolvency This Agreement is entered into on [ insert day and month ] 20[ insert year ]. Parties [ insert name of debtor company ], a company registered in [ insert country eg England and Wales ] under number [ insert registered number ], whose registered office is at [ insert address ] (the Company); and The Creditors identified in the Schedule (the Creditors). ( Each of the Creditors and the Company is a Party and, together, the Creditors and the Company are the Parties). Recitals ( A) The Company undertakes to provide information to the Creditors, and the Creditors undertake to keep such information confidential and to use it solely for the purposes of assessing, negotiating, monitoring and implementing a [ Standstill Agreement OR Restructuring Agreement ]. ( B) [ insert any further recitals ]. ......

This Agreement is entered into on [ insert day and month ] 20[ insert year ] Parties [ Insert name of lender ], a company incorporated in [ England and Wales ] with registered number [ insert registered number ], whose registered office is at [ insert address ]; [ Insert name of lender ], a company incorporated in [ England and Wales ] with registered number [ insert registered number ], whose registered office is at [ insert address ]; [ Insert name of lender ], a company incorporated in [ England and Wales ] with registered number [ insert registered number ], whose registered office is at [ insert address ] (each a Committee Member and together the Committee Members) whose contact details are set out in Schedule 1; [ Insert name of the debtor company ], a company incorporated in [ England and Wales ] with...

Save for the court heading, this Precedent is prepared from the viewpoint of a request seeking leave for substituted or alternative service of insolvency proceedings by a liquidator......

Court Reference No: [ INSERT COURT REF. NUMBER ] [ IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS [ OF ENGLAND AND WALES] [ IN [ INSERT LOCATION ]] [ INSOLVENCY AND COMPANIES LIST ( Ch D)] OR [ IN THE COUNTY COURT AT [ INSERT LOCATION ]] [ BUSINESS AND PROPERTY COURTS LIST] OR [ IN THE HIGH COURT OF JUSTICE] [ CHANCERY DIVISION] ] In the matter of [ Insert company name ] And in the matter of the companies act 2006 Report I, [ Insert name ], of [ insert firm/company ], [ insert address ], was appointed by the Court to serve as chairperson of the meeting[s] of the Scheme Creditors of [ insert company name ] (the Company) (as defined in the scheme of arrangement mentioned below) (the Meeting[s]), convened pursuant to an order made herein and dated [ insert date ] (the...

Application notice in insolvency proceedings (corporate) Insolvency Act Application Notice Note: Use this precedent alongside an application notice template compliant with the Insolvency ( England and Wales) Rules 2016, SI 2016/1024—see ( Form IAA) IR 2016, r1.35 VAR Insolvency Act Application Notice... Case no: [insert case number] Court: [select the appropriate High Court listing and location, or County Court at [location], Business and Property Work] In the matter of: [insert company’s name] and the Insolvency Act 1986 Parties: [ Applicant] v [ Respondent(s)] Statutory basis: paragraph 43 [relevant sub‑section] of Schedule B1 to the Insolvency Act 1986 Applicant/ Respondent details: [names and addresses] Company details: [subject of the proceedings] Judge level and venue: [identify judge] in [court or hearing centre] Within existing insolvency proceedings: YES/ NO; court reference: [insert] Relief sought: ...

To be printed on [ Name of company in administration ] headed paper To: [ Insert name(s) and address and company number (if relevant) of entity who you are granting the licence to occupy to ] (the ' Licensee') Date: [ insert date ] Dear [ insert name of purchaser ], Licence to occupy Land [and buildings] at [ insert full address and description of property including title number ] (the ‘ Property ’) You will be aware that we hold the Property pursuant to a lease granted by [ insert name of Landlord ] ('the Landlord') dated [ insert date of Lease ] (the ' Lease')......

Parties [ Name of company in administration or liquidation ] (in [ administration OR liquidation ]) (the Company), with its address at [ Company’s address ], acting by [ [ individual's name ], in his capacity as [ Administrator OR Liquidator ] of [ the Company ], of [ Company’s address or Office- Holder’s address (if different) ] (the Office- Holder) OR [ individual's name ], in his capacity as [ Administrator OR Liquidator ] of [ name of company in administration or liquidation ] (in [ administration OR liquidation ]) (the Company), of [ Company’s address or Office- Holder’s address (if different) ] (the Office- Holder) ] [ creditor's name ] of [ creditor’s address ] (the Creditor) Recitals [ On [ date ], the court made a winding-up order against the Company following the petition of [ name of the...

INSOLVENCY ACT APPLICATION NOTICE Use with an application notice complying with Insolvency ( England and Wales) Rules 2016, SI 2016/1024—see Form IAA ( IR 2016, r1.35 VAR) and corporate insolvency application notice. Case No: [insert]. Court: High Court ( Business and Property Courts— Insolvency and Companies List ( Ch D)) or County Court at [insert]. Between [ Applicant(s)] and [ Respondent(s)]. Matter: [company] and the Insolvency Act 1986. Under s212 Insolvency Act 1986. Applicant(s): [names/addresses]. Respondent(s): [names/addresses]. Heard by [judge level] at [court/hearing centre]. Within existing proceedings? YES/ NO. Court ref: [insert]. Declaration that Respondent(s) breached fiduciary/trust/statutory duties by causing or permitting the Company to [details]. Order that Respondent(s) [jointly and severally] account to Applicant(s) (liquidator(s)) for [sum], or as the Court thinks fit. Alternatively, equitable compensation/damages of [sum], or as the Court decides. Interest in equity or under s35A Senior Courts Act 1981 at rate and period the Court thinks...

Note: Use this precedent together with an application notice template that accords with and complies with the Insolvency ( England and Wales) Rules 2016, SI 2016/1024—see also: ( Form IAA) IR 2016, r1.35 VAR Insolvency Act Application Notice Application notice in insolvency proceedings (corporate) In the matter of the insolvency act 1986 Application Notice Company name Company number [ Insert company number ] [ Insert name of court ] For court use only Court case number: Between Applicant [ Name of Applicant (usually the company ] and Respondent Petitioning Creditor Is this application in insolvency proceedings already before the court? [ Yes OR no ] [ ....................... ......

INSOLVENCY ACT APPLICATION NOTICE Use this Precedent alongside an application notice template that accords with the Insolvency ( England and Wales) Rules 2016, SI 2016/1024, including Form IAA under IR 2016, r 1.35. Complete the following: case number; court heading ( High Court— Business and Property Courts, Insolvency and Companies List ( Ch D), specifying location where appropriate, or County Court— Business and Property Work); and the matter (company or bankrupt) in bankruptcy and under the Insolvency Act 1986. Identify the Applicant(s) and Respondent(s) with full names and addresses, the company/bankrupt concerned, and the judicial level and court or hearing centre. Confirm whether the application sits within existing insolvency proceedings ( YES/ NO) and provide the related court reference. Statutory basis: section(s) 238, 239, 339 and/or 340. Relief sought: declaration of...

Court Reference No: [ ENTER COURT REF ]...

This Agreement is entered into on [ insert day and month ] 20 [ insert year ] Parties [ insert name of insolvency representative ], acting in the capacity of [ insert capacity eg liquidator or administrator or trustee or custodian or supervisor or curator or examiner ] of [ insert name of company(ies) appointed over ] in [ insert name of country A ], appointed pursuant to a decision of the [ insert name of court or administrative or governmental or regulatory body appointing them ] dated [ insert date ]; [ insert name of insolvency representative ], acting in the capacity of [ insert capacity eg liquidator or administrator or trustee or custodian or supervisor or curator or examiner ] of [ insert name of company(ies) appointed over ] in [ insert name of country B ], appointed pursuant to a...

For: Applicant Prepared by: [ insert name ] Number: 1 Exhibit(s): [ insert details ] Dated: [ insert date ] Lodged: [ insert date ] Court Ref. No: [ INSERT COURT REF. NUMBER ] [ IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS [ OF ENGLAND AND WALES ] [ IN [ INSERT LOCATION ] ] [ INSOLVENCY AND COMPANIES LIST ( Ch D) ] ] or [ IN THE COUNTY COURT AT [ INSERT LOCATION ] ] [ BUSINESS AND PROPERTY COURTS LIST ] or [ IN THE HIGH COURT OF JUSTICE [ CHANCERY DIVISION ] ] In the matter of [ Insert company name ] And in the matter of the Companies Act 2006 Statement of [ Insert full name ] I, [ Insert full name ], being the [ insert role/job title ] of [ insert company name ] of [ insert address ], say as follows: 1...

Court Reference No: ENTER COURT REF...

VAR Insolvency Act Application Notice Note: This precedent should be used in conjunction with an application notice template complying with the Insolvency ( England and Wales) Rules 2016, SI 2016/1024—refer to: ( Form IAA) IR 2016, r 1.35 Court Reference No: [ INSERT COURT REF ]......

1 Introduction The current time is [ insert the exact time ], and I hereby formally commence and open the meeting of Scheme Creditors of [ insert name of the company ] [ with [ insert type of claim ] claims, and the meeting of Scheme Creditors of [ insert name of the company ] with [ insert type of claim ] Claims ]. My name is [ insert name ], from [ insert firm or company name ][ insert details of who the chairperson is eg adviser/administrator/provisional liquidator, etc ]. The meeting [ s ] that [ is OR are ] being held today [ has OR have ] been called by the Company under an Order of the High Court of Justice of England & Wales issued on [ insert date ]. The aim of the Meeting [ s ] is to review and, if...