| 1 |
Meet
with Marlor Walls and discuss position. Decide whether a CVA is possible
(subject to clarification of any assumption)
Prepare
broad brush first stab at outline Proposal
|
During
this period contact will probably be made with major creditors, banks
factoring companies and any other critically important creditors.
Again
during this "hiatus " period the company must not allow
its financial position or that of creditors to deteriorate
|
| 2 |
Marlor
Walls sets out all information required for proposal. |
| 3-14 |
Company
prepares/updates profit and cash flow forecasts, submits to Marlor
Walls for critical review. Company gathers, checks and submits information
to Marlor Walls who review, query where necessary and begin drafting
proposal.
Constant exchange of information.
|
| 14-17 |
Drafting
finalised and approved by directors.
Document produced and filed in Court
|
| 18 |
Notices
sent to creditors and shareholders. |
| 19-35 |
Creditors
consider proposals.
There may be a continuing dialogue with major /essential creditors
about terms of CVA.
Amendments usually received from Combined Voluntary Arrangement Service
(HMIT/HMC&E)
|
| 36 |
| DAY
OF MEETINGS (subject to no adjournments) |
| CREDITORS
|
75%
OF THOSE ENTITLED TO VOTE AND ACTUALLY VOTING NEEDED FOR CVA
TO BE APPROVED AND BE BINDING ON ALL CREDITORS WHO HAVE RECEIVED
NOTICE OF MEETING |
| SHAREHOLDERS |
50%
MAJORITY NEEDED FOR APPROVAL |
| IF
APPROVED CVA COMMENCES AND RUNS IN ACCORDANCE WITH ITS TERMS |
| IF
NOT APPROVED USUALLY LIQUIDATION IS THE ONLY OPTION |
|
