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Standard Conditions - IVA

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IVA Standard Conditions for IVA

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

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