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Standard Conditions - IVA

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IVA Standard Conditions for IVA

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PART I: INTERPRETATION  4
1                  Miscellaneous definitions  4
2                  The Conditions  4
   
PART II: COMMENCEMENT, EFFECT,  AND DURATION OF ARRANGEMENT  4
3                  Commencement of Arrangement  4
4                  Nature and effect of the Arrangement  5
5                  Existing proceedings against Debtor  5
6                  Existing execution against Debtor's assets  6
7                  Mutual credit and set-off  6
8                  Duration of Arrangement  6
9                  Completion of Arrangement  7
10               Substantial Compliance  7
11               Termination of Arrangement  8
   
PART III: SUPERVISOR'S FUNCTIONS, POWERS ETC  8
12               Supervisor's functions  8
13               Supervisor's powers  8
14               Supervisor's powers upon completion/termination  9
15               Exercise of supervisor's functions and powers  9
16               Restriction of supervisor's duty and liability  9
17               Supervisor's fees, costs and expenses  10
18               Supervisor's resignation  10
19               Removal of Supervisor from office  10
20               Vacation of Office by Supervisor  11
21               Vacancy in the office of Supervisor  11
   
PART IV: DEBTOR'S WARRANTY, DUTIES & OBLIGATIONS  12
22               Debtor's warranty  12
23               Debtor's duties in relation to Supervisor  12
24               Duty to hand over property to Supervisor  12
25               Further Documents  13
26               Debtor's acknowledgement  13
   
PART V: ARRANGEMENT ASSETS  13
27               Arrangement assets  13
28               After-acquired assets  13
29               Trust of Arrangement assets  14
30               Restriction on dispositions  14
   
PART VI: CLAIMS  14
31               Notice to submit claims  14
32               Submission of claims  14
33               Variation of claims  14
34               Production of documents  14
35               Affidavit substantiating claim  15
36               Supervisor to allow inspection of claims  15
37               Admission and rejection of claims for Dividend  15
38               Appeal against decision on claim  15
39               Debts of uncertain value  15
40               Secured Creditors  16
41               Foreign currency Debts  16
42               Debts payable at future time  16
43               Interest on debts  17
44               Cost of submitting claims  17
   
PART VII: PAYMENT OF DIVIDENDS  17
45               Distribution by Dividend  17
46               Notice of intended Dividend  17
47               Notice of declaration  17
48               Claim altered after payment of Dividend  18
49               Secured Creditors  18
50               Assignment of Debts or rights to Dividend  18
51               Debts payable at future time  19
52               Debts of unpaid Creditors  19
   
PART VIII: PRIORITY OF PAYMENTS AND DISTRIBUTIONS  19
53               Costs and Expenses of the Arrangement  19
54               Priority of Debts and application of surplus  19
   
PART IX: THE CREDITORS COMMITTEE & MEETINGS OF CREDITORS  20
55               The Creditors' Committee  20
56               Power to call/requisition meetings of Creditors  20
57               Calling Creditors' meetings  21
58               Cost of summoning meetings  21
59               Entitlement to vote  22
60               Admission and rejection of claim  22
61               Majorities required to pass resolutions  22
62               Chairman of meeting as proxy-holder  23
63               Suspension/adjournment of meeting  23
64               Record of proceedings  23
65               Postal resolutions  24
   
PART X: DEFAULT PROVISIONS  25
66               Breach by the Debtor of the terms of the Arrangement  25
67               Procedure following breach  25
68               Retention of funds by Supervisor  26
   
PART XI: MISCELLANEOUS PROVISIONS  26
69               Third Party obligations  26
70               Variation of the Arrangement  26
71               Tax liabilities arising on realisations  27
72               Invalidity and/or illegality  27

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Beth RedfernBeth Redfern
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