Ensuring Proportionate Allocation of the Court’s Resources in Relation to Schemes of Arrangement and Restructuring Plans: Practice Statement (Companies: Schemes of Arrangement Under Part 26 and Part 26A of the Companies Act 2006)
A new Practice Statement has been published directed to the practice to be followed in proceedings pursuant to Part 26 or Part 26A of the Companies Act.
The ultimate objective of the new Practice Statement is to facilitate the early identification and active case management of contested issues in such proceedings, with a view to those issues being resolved in an efficient and orderly manner.
Outlining the anticipated timeline in a “listing note”, early filing of evidence, and precise identification of objections are just some of the mechanisms introduced in the new Practice Statement. These mechanisms aim to ensure a proportionate allocation of the Court’s time and resources to these proceedings in order to ease pressure placed on the Court by Part 26A of the Companies Act 2006.
Read the Practice Statement here.
