6 Challenge of decisions
Insolvency Act 1986 (1986 c 45) | Legislation

6  Challenge of decisions

(1)     Subject to this section, an application to the court may be made, by any of the persons specified below, on one or both of the following grounds, namely—

(a)     that a voluntary arrangement [which has effect under section 4A] unfairly prejudices the interests of a creditor, member or contributory of the company;

(b)     that there has been some material irregularity at or in relation to [the meeting of the company, or in relation to the relevant qualifying decision procedure].

[(1A)     In this section—

(a)     the “relevant qualifying decision procedure” means the qualifying decision procedure in which the company's creditors decide whether to approve a voluntary arrangement;

(b)     references to a decision made in the relevant qualifying decision procedure include any other decision made in that qualifying decision procedure.]

(2)     The persons who may apply under [subsection (1)] are—

(a)     a person entitled, in accordance with the rules, to vote at [the meeting of the company or in the relevant qualifying decision procedure];

[(aa)     a person who would have been entitled, in accordance with the rules, to vote [in the relevant qualifying decision procedure] if he had had notice of it;]

(b)     the nominee

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Debt for equity swaps

Debt for equity swapsA popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in return for reducing or cancelling their debt claims against the company (and the rest of the group).Many highly levered deals have thin equity cushions and

LEXISNEXIS

CPR Part 8 claims (alternative procedure for claims)

CPR Part 8 claims (alternative procedure for claims)This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further

LEXISNEXIS

Arms length management organisations (ALMOs)

Arms length management organisations (ALMOs)An arms length management organisation (ALMO) is a not-for-profit company that provides housing services on behalf of a local housing authority (LHA). Usually an ALMO is set up by the LHA to manage and improve all or part of its housing stock with the LHA

LEXISNEXIS

Indirect effect of EU law

Indirect effect of EU lawWhat is indirect effect of EU law?The doctrine of indirect effect, or consistent interpretation, is a duty that national courts have, as part of the Member State responsible for fulfilment of EU obligations, to interpret national law in light of EU law, especially with