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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  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  14
25            Debtor's acknowledgement  14
   
PART V: ARRANGEMENT ASSETS  14
26            Arrangement assets  14
27            After-acquired assets  14
28            Trust of Arrangement assets  15
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            Affidavit substantiating claim  15
35            Supervisor to allow inspection of claims  16
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  18
   
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  19
48            Claims arising after termination  19
   
PART VIII: PAYMENT OF DIVIDENDS  19
49            Distribution by Dividend  19
50            Notice of intended Dividend  20
51            Notice of declaration  20
52            Claim altered after payment of Dividend  20
53            Secured Creditors  21
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  22
57            Costs and Expenses of the Arrangement  22
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  24
63            Entitlement to vote  24
64            Admission and rejection of claim  24
65            Majorities required to pass resolutions  25
66            Chairman of meeting as proxy-holder  25
67            Suspension/adjournment of meeting  26
68            Record of proceedings  26
69            Postal resolutions  26
   
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  27
72            Retention of funds by Supervisor  28
   
PART XII:  CONDITIONS WHERE TAX AUTHORITIES ARE CREDITORS 28
73            Claims by HM Revenue and Customs  28
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  29
   
PART XIII: MISCELLANEOUS PROVISIONS  30
80            Third Party obligations  30
81            Variation of the Arrangement  30
82            Tax liabilities arising on realisations  30

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