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Written by: Jonathan Munnery
A Scheme of Arrangement helps a company in the restructure of its debt, and aids recovery from financial distress. It is not an insolvency process and is utilised under the Companies Act 2006 rather than insolvency legislation, but it must still be sanctioned by court process.
Once voting on the scheme has taken place and the required number of creditors has agreed to its use, the arrangement is binding on all, even if they voted against it or chose not to vote.
Although Schemes of Arrangement can be proposed by the company itself, an administrator or liquidator, the company’s creditors, or its members, it is often the company that makes the proposal.
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Real Business Rescue can provide further detailed guidance on the use of Schemes of Arrangement, and whether they are appropriate for your company’s situation. This is a complex area that requires professional support.
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