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Standard Conditions - IVA

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IVA Standard Conditions for IVA

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PART I: INTERPRETATION 1
1  Miscellaneous definitions 1
2  The Conditions 2
   
PART II: COMMENCEMENT, EFFECT AND DURATION OF ARRANGEMENT 2
3  Commencement of Arrangement 2
4  Nature and effect of the Arrangement 2
5  Existing proceedings against Debtor 3
6  Existing execution against Debtor's assets 3
7  Mutual credit and set-off 4
8  Duration and expiry of Arrangement 4
9  Full Implementation of Arrangement 5
10  Substantial Compliance 5
11  Termination of Arrangement 5
   
PART III: SUPERVISOR'S FUNCTIONS, POWERS ETC 6
12  Supervisor's functions 6
13  Supervisor's powers 6
14  Supervisor's powers after expiry, full implementation or termination 6
15  Exercise of Supervisor's functions and powers 7
16  Restriction upon Supervisor's duty and liability 7
17  Supervisor's fees, costs and expenses 7
18  Supervisor's resignation 8
19  Removal of Supervisor from office 8
20  Vacation of Office by Supervisor 9
21  Vacancy in the office of Supervisor 9
22  Release of Supervisor 9
   
PART IV: DEBTOR'S WARRANTY, DUTIES & OBLIGATIONS 10
23  Debtor's warranty 10
24  Debtor's duties in relation to the Supervisor 10
25  Further Documents 10
26  Debtor's acknowledgement 11
   
PART V: ARRANGEMENT ASSETS 11
27  Arrangement assets 11
28  After-acquired assets 11
29  Trust of Arrangement assets 11
30  Restriction on dispositions 12
   
PART VI: PROOFS OF DEBT 12
31  Notice to submit Proofs 12
32  Submission of Proofs 12
33  Withdrawal and variation of Proofs 12
34  Production of documents 13
35  Witness statement substantiating Proof 13
36  Supervisor to allow inspection of Proofs 13
37  Admission and rejection of Proofs for Dividend 13
38  Appeal against decision on Proof 13
39  Debts of uncertain and small value 13
40  Secured Creditors 14
41  Foreign currency Debts 14
42  Interest on Debts 14
43  Cost of  submitting proofs 15
   
PART VII CREDITORS WHO DO NOT HAVE NOTICE 15
44  Proof arising where funds available 15
45  Proof arising where no funds available 15
46  Effect of Proof on Debtor 15
47  Notification of Proof to Creditors 15
48  Proof arising after Arrangement ceases to have effect 16
   
PART VIII: PAYMENT OF DIVIDENDS 16
49  Distribution by Dividend 16
50  Notice of intended Dividend 16
51  Notice of declaration 16
52  Proof altered after payment of Dividend 17
53  Secured Creditors 17
54  Assignment of Debts or rights to Dividend 18
55  Debts payable at future time 18
56  Debts of unpaid Creditors 18
   
PART IX: PRIORITY OF PAYMENTS AND DISTRIBUTIONS 18
57  Costs and Expenses of the Arrangement 18
58  Priority of Debts and application of surplus 19
   
PART X: THE CREDITORS' COMMITTEE, WEBSITES & CREDITOR DECISIONS 19
59  The Creditors' Committee 19
60  Use of websites 20
61  Power to seek a decision of Creditors 20
62  Procedure for seeking Creditor decisions 20
63  Cost of requisitioned decisions 21
64  Participation in Creditor decisions 21
65  Admission and rejection of Proofs 22
66  Majorities required for Creditor decisions 22
67  Chair of meeting as proxy-holder 23
68  Suspension/adjournment of meetings 23
69  Record of Creditor decisions 23
   
PART XI: PROVISIONS FOLLOWING BREACH OF THE ARRANGEMENT 23
70  Breach by the Debtor of the terms of the Arrangement 23
71  Procedure following breach 24
72  Retention of funds by Supervisor 25
   
PART XII:  CONDITIONS WHERE TAX AUTHORITIES ARE CREDITORS 25
73  Claims by HM Revenue and Customs 25
74  Income commencing after approval 25
75  Post approval statutory returns and payments 25
76  Overdue accounts and returns 25
77  Funds to be paid to Supervisor 25
78  Restriction on payment of dividend 25
79  Set-off of repayments 26
   
PART XIII: MISCELLANEOUS PROVISIONS 26
80   Third Party obligations 26
81  Variation of the Arrangement 26
82 Tax liabilities arising on realisations 27
83 Invalidity and/or illegality 27

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Beth RedfernBeth Redfern
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020 7566 4228
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