The Government felt that some creditors were voting against (“PIAs”) and that such voting was jeopardising debtors’ abilities to retain their family home. Accordingly, they sought a way to restrain the creditors’ veto in respect of PIAs.
The Government announced on 13 May that the Personal Insolvency Act 2012 would be amended to provide for a court review which would follow an 'examinership' approach adopted in corporate insolvencies. Under corporate examinership, if one “class” of...
Lifting the Banks' Veto in formal insolvency arrangements
The Government announced on 13 May that the Personal Insolvency Act 2012 would be amended to provide for a court review which would follow an 'examinership' approach adopted in corporate insolvencies. Under corporate examinership, if one “class” of...
Lifting the Banks' Veto in formal insolvency arrangements
