Practice Statement (Companies: Schemes of Arrangement under Part 26 and Part 26A of the Companies Act 2006)

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This practice statement replaces the Practice Statement (Companies: Schemes of Arrangement) [2002] 1 WLR 1345. It is directed to the practice to be followed on applications pursuant to Part 26 or Part 26A of the Companies Act 2006 (the “2006 Act”) seeking the sanction of the court to a scheme of arrangement between a company and its creditors and/or members (a “Part 26 scheme” and a “Part 26A scheme” respectively).

The purpose is to enable issues concerning the jurisdiction of the court to sanction the scheme, the composition of classes of creditors and/or members and the convening of meetings to be identified and if appropriate resolved early in the proceedings. To achieve these objectives the following practice should be observed.