The Compendium

Variation meetings:

Particularly in an IVA, the Supervisor will be responsible for the calling of any Variation meetings that may be required where variations to the original IVA proposal need the approval of the creditors.

Breaches:

The Supervisor monitors the Arrangement for breaches to the terms and conditions as agreed in the proposal.

Overall, it is the Supervisor’s duty to enforce the ‘contract’ made between the company/individual and their creditors.

The contract consists of two documents:

• the first is the proposal document itself which sets out the main terms of the contract;
• the second document is the report of the chair at the decision procedure at which the proposal document was considered and voted upon by the creditors. In most cases the creditors will resolve to amend the proposal in a small or material way by making ‘modifications’.

[See ‘Company Voluntary Arrangement’, ‘CVA’, ‘Individual Voluntary Arrangement’, ‘IVA’, ‘Nominee’ and ‘Insolvency Practitioner’.]

Supreme Court

The Supreme Court is also known as the ‘House of Lords’.

The Supreme Court is the highest court in the land; it is the supreme court of appeal. It acts as the final court on points of law for the whole of the United Kingdom in civil cases and for England, Wales and Northern Ireland in criminal cases. Its decisions bind all courts below.

[See ‘House of Lords’.]

Surrender

The concept of ‘surrender’ is used in the context of the landlord surrendering the lease.