Part 1 Main Provisions
Corporate Insolvency and Governance Act 2020 (2020 c 12) | Legislation

SCHEDULE 9 Arrangements and Reconstructions for Companies in Financial Difficulty

Section 7

Part 1 Main Provisions

1

In the Companies Act 2006, after Part 26 insert—

“Part 26A
Arrangements and Reconstructions: Companies in Financial Difficulty
Application of this Part
901A Application of this Part

(1)     The provisions of this Part apply where conditions A and B are met in relation to a company.

(2)     Condition A is that the company has encountered, or is likely to encounter, financial difficulties that are affecting, or will or may affect, its ability to carry on business as a going concern.

(3)     Condition B is that—

(a)     a compromise or arrangement is proposed between the company and—

(i)     its creditors, or any class of them, or

(ii)     its members, or any class of them, and

(b)     the purpose of the compromise or arrangement is to eliminate, reduce or prevent, or mitigate the effect of, any of the financial difficulties mentioned in subsection (2).

(4)     In this Part—

“arrangement†includes a reorganisation of the company's share capital by the consolidation of shares of different classes or by the division of shares into shares of different classes, or by both of those methods;

“c´Ç³¾±è²¹²Ô²ââ€Å¨¶Ä”

(a)

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Title guarantee and covenants for title

On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a lease, but this is rare in practice.

LEXISNEXIS

A married but non-cohabiting couple are looking to extend their leave under Tier 2 (General). They have

A married but non-cohabiting couple are looking to extend their leave under Tier 2 (General). They have not been living at the same address in the UK since 2017 but are in a genuine relationship. What effect will this have on their extension application?Immigration Rules, Part 8, para 319C sets out

LEXISNEXIS

Sentencing fraud offences committed by individuals

Sentencing fraud offences committed by individualsThe Sentencing Council (SC) has produced sentencing guidelines for fraud offences under the Fraud Act 2006 (fraud by false representation, fraud by failing to disclose information and fraud by abuse of position), false accounting under section 17 of

LEXISNEXIS

The Standard Conditions of Sale (5th edition: 2018 revision)—a guide to the main provisions

The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for