Introduced by the 1986 Insolvency Act as a consensual medium for debt restructuring and compromise, the voluntary arrangement was, at the outset, a flexible and enforceable contractual medium providing a supervised alternative to the full hard stop of bankruptcy for the individual, or liquidation for the corporate entity. Allowing for interested parties to reach agreement both in relation to the term and content of the compromise, the statutory requirements for content and formation of the arrangement were purposefully broad-brush. Over the years both the significant consumer creditors and the involuntary state creditor have developed ever more stringent standard terms, for want of which an arrangement will not receive approval.
Whether considering the merits of this medium, the application of its terms or the processes by which it might be brought to an end, the team of specialist solicitors here at Edwin Coe are steeped in the history and development of the voluntary arrangement, and is prepared for the challenges ahead anticipated by the new 2016 insolvency rules.
To discuss a voluntary arrangement, the applicable legal framework or standardised terms that might be beneficial to any particular circumstance, please call or email us.
- Restructuring & Insolvency - Overview
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Simeon Gilchrist is an extraordinarily good lawyer, and extraordinarily hard-working
Chambers UK 2015
Edwin Coe is excellent at building and maintaining close relationships with clients.
Chambers UK 2011