Practical Law: Schemes of arrangement under Chapter 1, Part 9, Companies Act 2014
An overview of schemes of arrangement in Ireland in the context of both solvent and insolvent companies under Chapter 1 of Part 9 of the Companies Act 2014. The note explains the uses of and requirements for a scheme of arrangement and the issues that may arise when a company seeks the approval of its creditors or members or both and the High Court.
This note examines schemes of arrangement in Ireland (schemes) under the Companies Act 2014 (CA 2014). In particular, it:
- Considers the statutory procedure and the key benefits of using a scheme.
- Looks in detail at the requirements to implement a scheme under the CA 2014 including timing, the process to apply to the Irish High Court (High Court) and how to convene a scheme meeting.
- Examines the content and timelines for the required scheme circular and regulatory approvals.
- Considers the mechanics of voting at the scheme meeting
- Looks at the filing requirements with the Companies Registration Office (CRO) (that is, the registrar of companies in Ireland).
- Considers when to use a scheme and provides a list of the usual scheme documents and an indicative scheme timetable.
Read the full practice note here.
Reproduced with the permission of Thomson Reuters, this article was first published in Practical Law.