Indicative timetable for a scheme of arrangement under Part 26 of the Companies Act 2006


Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner
Precedents

Indicative timetable for a scheme of arrangement under Part 26 of the Companies Act 2006


Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner

Precedents
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DateAction
From 98 days before the convening hearingDraft scheme of arrangement, explanatory statement, and proxy form (see Precedents: SCHEME OF ARRANGEMENT, Explanatory statement, Form of proxy)
From 98 days before the convening hearingPrepare complete listing of creditors with contact addresses
Where up-to-date addresses are not available, prepare note of work done to locate them for inclusion in evidence for leave to convene hearing
Prepare list of appropriate publications for advertisement of notice of meeting[s] to capture unknown creditors and those for whom up to date addresses are not available
Approx. 56 days before the convening hearingBook dates for leave to convene hearing and sanction hearing
From 42 days before the convening hearingDraft practice statement letter
35 days before the convening hearingDispatch practice statement letter to creditors
From 35 days before the convening hearingPrepare witness statement, Part 8 Claim Form in
Geraldine Quirk
Geraldine Quirk

Partner, Bryan Cave Leighton Paisner

Gerry has over 15 years’ experience advising clients in the insurance sector on a broad range of non—contentious issues. Gerry is one of the leading experts on portfolio transfer schemes, particularly in the legacy/run-off industry, and has developed a reputation as one of the ‘go to’ lawyers in this area. She is also a regulatory expert, advising on Solvency II, perimeter guidance, governance and conduct.

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Scheme of Arrangement definition
What does Scheme of Arrangement mean?

A formal arrangement in the UK between the company and its creditors and/or its members (or a class of its creditors or members) pursuant to Part 26 of the Companies Act 2006 (CA 2006) (otherwise known as a scheme or Part 26 Scheme) which is sanctioned by court. The voting threshold for approval of the scheme is 75% by value and a majority in number of creditors (or members) or any class thereof voting in person or by proxy at each of the scheme meetings. This voting majority means that dissenting creditors can be easily crammed down.

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