Company Voluntary Arrangements (CVAs) - Law - CVA with a moratorium

Schedule A1 - Insolvency Act 1986 - Paragraph 30 - Conduct of CVA members and creditors meetings

 

 

 

When a CVA moratorium is in existence the Nominee must call meetings of the creditors and of the members (shareholders) of the company concerned. Paragraph 30 of Schedule A1 to The Insolvency Act 1986 prescribes that those meetings must be conducted in accord with The Insolvency Rules 1986.

 

The actual wording of Paragraph 30 of Schedule A1 to The Insolvency Act 1986 is reproduced below in bold.

 

30. (1) Subject to the provisions of paragraphs 31 to 35, the meetings summoned under paragraph 29 shall be conducted in accordance with the rules.

(2) A meeting so summoned may resolve that it be adjourned (or further adjourned).

(3) After the conclusion of either meeting in accordance with the rules, the chairman of the meeting shall report the result of the meeting to the court, and, immediately after reporting to the court, shall give notice of the result of the meeting to such persons as may be prescribed.