In cases where a debtor has already been the subject of an insolvency proceeding, whether it is a previous bankruptcy, an IVA or an agreement of agreement, contact should be made with an existing or former agent or supervisor. The NPBB document production form – “Notice, proceedings before bankruptcy” must be sent. The meeting may be postponed (if often necessary) until the proposal is accepted or rejected, but no postponed meeting can take place more than 14 days after the initial meeting. The meeting may approve the proposal in the manner submitted or approve it with any changes agreed by the debtor (including a change of control). As soon as the creditors approve the agreement at the meeting, anyone who has terminated the meeting and who has been authorized is bound by the agreement, whether they did or did not. However, meetings cannot infringe the rights of secured or privileged creditors without their consent. If a bankruptcy administrator`s proposal for an IVA is approved, the official liquidator should ensure that a remission will take place as soon as possible after the creditors` meeting. The official beneficiary should only hand over the assets included in the voluntary agreement and all assets that are not included should be held by the official beneficiary until the nullity decision is made. As a general rule, if the official liquidator receives a request for a referral, it is likely that the Official Journal and any announcement of the bankruptcy decision have been published. However, if the request for reference was received prior to the publication of the Official Journal and notification, the official recipient should withhold it for publication, as it could be considered an obstacle. If you are unsure what to do after receiving a referral request, contact the B1/examiner immediately for information.
Once the proposal has been considered by the directors, the IP will write to creditors asking them to vote at a creditors` meeting, unless three-quarters of the hereditary votes in favour of the CVA, your business could face voluntary liquidation. The nominee must provide the official recipient with a copy of its report on the liquidator`s proposal. Upon receipt, the official recipient should review the report and proposal and draw the candidate`s attention to any discrepancies between him and the information he holds. The official beneficiary should ensure that the payment of its royalties, fees and expenses is provided. Creditors can vote on the proposed transaction. This vote takes place at a meeting of creditors, but they do not need to participate in the meeting. Instead, they can vote on a substitute and request that the president vote on their behalf on the day of the meeting. At the meeting, at least 75% of creditors must vote “yes” to the agreement. In September 2020, 31 companies entered into a voluntary agreement to restructure and survive their debts. 12 If the voluntary agreement is approved, a supervisor is appointed and the examiner must agree to the handover with him as soon as possible. This is a list of all documents, correspondences, etc., that should be signed by the supervisor or his representative at the time of handing over. Save IVA details on LOIS (CA06) in the “Approved Voluntary Agreement” field.