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Published online by Cambridge University Press: 16 December 2021
This chapter assesses in detail one of the most common uses of schemes in recent years, namely as a debt restructuring tool. The chapter deals with some important preliminary issues, such as the meaning of ‘creditor’ for scheme purposes and the division of creditors into classes. It compares the use of schemes as a debt restructuring device with other mechanisms including CVAs and administration and the new Part 26A restructuring plans. This chapter examines in detail the reforms brought about by the Corporate Insolvency and Governance Act 2020 including the introduction of the restructuring moratorium and the Part 26A restructuring plan.
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